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Technicals Palm oil targets 2,141 ringgit
by Cals Sat 01 Aug 2015, 03:17
Technicals
Palm oil targets 2,141 ringgit
SINGAPORE (July 31): Palm oil may break a resistance at 2,124 ringgit per tonne and rise more to 2,141 ringgit, following the completion of a wave c.
The resistance is provided by the 150 percent Fibonacci projection level of the wave c, the third wave of a three-wave cycle that developed from the July 14 high of 2,230 ringgit.
The next resistance will be at 2,141 ringgit, the 123.6 percent level, which will be confirmed as a target once palm oil stands above 2,124 ringgit. A drop to 2,113 ringgit may be extended to 2,100 ringgit. - 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. **
Palm oil targets 2,141 ringgit
SINGAPORE (July 31): Palm oil may break a resistance at 2,124 ringgit per tonne and rise more to 2,141 ringgit, following the completion of a wave c.
The resistance is provided by the 150 percent Fibonacci projection level of the wave c, the third wave of a three-wave cycle that developed from the July 14 high of 2,230 ringgit.
The next resistance will be at 2,141 ringgit, the 123.6 percent level, which will be confirmed as a target once palm oil stands above 2,124 ringgit. A drop to 2,113 ringgit may be extended to 2,100 ringgit. - 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. **
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