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Technicals Palm oil targets 2,235 ringgit
by Cals Tue 12 May 2015, 02:54
Technicals
Palm oil targets 2,235 ringgit
SINGAPORE (May 11): Palm oil is expected to retest a resistance at 2,196 ringgit per tonne, with a good chance of breaking above this level and rising more to 2,235 ringgit.
The resistance is provided by the 38.2 percent Fibonacci retracement on the fall from the March 4 high of 2,400 ringgit to the April 29 low of 2,070 ringgit, temporarily blocking the way towards the 50 percent level at 2,235 ringgit.
Palm oil failed to break the resistance at its first attempt but may succeed at its current attempt. Support is at 2,148 ringgit, the 23.6 percent level, a break below which will cause a loss to 2,118 ringgit, the 14.6 percent level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
Palm oil targets 2,235 ringgit
SINGAPORE (May 11): Palm oil is expected to retest a resistance at 2,196 ringgit per tonne, with a good chance of breaking above this level and rising more to 2,235 ringgit.
The resistance is provided by the 38.2 percent Fibonacci retracement on the fall from the March 4 high of 2,400 ringgit to the April 29 low of 2,070 ringgit, temporarily blocking the way towards the 50 percent level at 2,235 ringgit.
Palm oil failed to break the resistance at its first attempt but may succeed at its current attempt. Support is at 2,148 ringgit, the 23.6 percent level, a break below which will cause a loss to 2,118 ringgit, the 14.6 percent level.
** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **
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