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Technicals Palm oil to drop to 2,190 ringgit
by Cals Wed 22 Jul 2015, 17:16
Technicals
Palm oil to drop to 2,190 ringgit
SINGAPORE (July 22): Palm oil may drop to 2,190 ringgit per tonne, as it failed to break a resistance at 2,227 ringgit.
The resistance is provided by the 61.8 percent Fibonacci retracement on the fall from the July 3 high of 2,285 ringgit to the July 8 low of 2,132 ringgit. The failure has triggered a pullback towards a trendline falling from 2,285 ringgit, which provides a support around 2,190 ringgit, the 38.2 percent level.
A break above 2,227 ringgit will open the way towards the 76.4 percent level at 2,249 ringgit. - by Wang Tao, Reuters
[size=12]** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.[/size]
[size=12]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. **[/size]
Palm oil to drop to 2,190 ringgit
SINGAPORE (July 22): Palm oil may drop to 2,190 ringgit per tonne, as it failed to break a resistance at 2,227 ringgit.
The resistance is provided by the 61.8 percent Fibonacci retracement on the fall from the July 3 high of 2,285 ringgit to the July 8 low of 2,132 ringgit. The failure has triggered a pullback towards a trendline falling from 2,285 ringgit, which provides a support around 2,190 ringgit, the 38.2 percent level.
A break above 2,227 ringgit will open the way towards the 76.4 percent level at 2,249 ringgit. - by Wang Tao, Reuters
[size=12]** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.[/size]
[size=12]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. **[/size]
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