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Palm oil may drop to 2,139 ringgit

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Palm oil may drop to 2,139 ringgit Empty Palm oil may drop to 2,139 ringgit

Post by Cals Mon 20 Jul 2015, 17:49

Technicals
Palm oil may drop to 2,139 ringgit

SINGAPORE (July 20): Palm oil may drop to 2,139 ringgit per tonne, as it has cleared a support at 2,182 ringgit.
The support was provided by the 61.8 percent Fibonacci retracement on the uptrend from the April 29 low of 2,070 ringgit to the June 8 high of 2,362 ringgit. The next support will be at 2,139 ringgit, the 76.4 percent level, which will work as the last barrier towards 2,070 ringgit.
A sudden surge above 2,182 ringgit could signal the break below this level was false, and a bullish target could be established at 2,216 ringgit, the 50 percent level. - by Wang Tao, Reuters
** 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. **
Cals
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