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Technicals Palm oil to bounce to 2,182 ringgit
by Cals Fri 10 Jul 2015, 00:41
Technicals
Palm oil to bounce to 2,182 ringgit
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By Reuters / Reuters | July 9, 2015 : 11:56 AM MYT
SINGAPORE (July 9): Palm oil has found a support around 2,139 ringgit per tonne and is expected to bounce to 2,182 ringgit.
The support is provided by the 76.4 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 has caused the current bounce which may end around 2,182 ringgit, the 61.8 percent level.
A break above 2,182 ringgit could lead to a gain to 2,216 ringgit, the 50 percent level, while a break below 2,139 ringgit could open the way towards the next support at 2,110 ringgit, the 86.4 percent level.
Most likely, palm oil will consolidate in a range of 2,139-2,182 ringgit for a few days. - 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 to bounce to 2,182 ringgit
[You must be registered and logged in to see this image.]
By Reuters / Reuters | July 9, 2015 : 11:56 AM MYT
SINGAPORE (July 9): Palm oil has found a support around 2,139 ringgit per tonne and is expected to bounce to 2,182 ringgit.
The support is provided by the 76.4 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 has caused the current bounce which may end around 2,182 ringgit, the 61.8 percent level.
A break above 2,182 ringgit could lead to a gain to 2,216 ringgit, the 50 percent level, while a break below 2,139 ringgit could open the way towards the next support at 2,110 ringgit, the 86.4 percent level.
Most likely, palm oil will consolidate in a range of 2,139-2,182 ringgit for a few days. - 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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