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Technicals Palm oil signals mixed
by Cals Mon 06 Jul 2015, 00:20
Technicals
Palm oil signals mixed
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By Reuters / Reuters | July 3, 2015 : 12:52 PM MYT
SINGAPORE (July 3): Signals are mixed for palm oil , as it has approached a resistance at 2,293 ringgit per tonne.
The resistance is provided by the 23.6 percent Fibonacci retracement on the uptrend from the April 29 low of 2,070 ringgit to the June 8 high of 2,362 ringgit. It makes a lot of difference between a failure to overcome this barrier and a break above it.
A break could confirm a small double-bottom, with an immediate target at 2,319 ringgit, the 14.6 percent level, while a failure could be followed by a fall towards 2,216 ringgit, the 50 percent level. - by Wang Tao, Reuters
[size=12]** 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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Palm oil signals mixed
[You must be registered and logged in to see this image.]
By Reuters / Reuters | July 3, 2015 : 12:52 PM MYT
SINGAPORE (July 3): Signals are mixed for palm oil , as it has approached a resistance at 2,293 ringgit per tonne.
The resistance is provided by the 23.6 percent Fibonacci retracement on the uptrend from the April 29 low of 2,070 ringgit to the June 8 high of 2,362 ringgit. It makes a lot of difference between a failure to overcome this barrier and a break above it.
A break could confirm a small double-bottom, with an immediate target at 2,319 ringgit, the 14.6 percent level, while a failure could be followed by a fall towards 2,216 ringgit, the 50 percent level. - by Wang Tao, Reuters
[size=12]** 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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