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Technicals Palm oil targets 1,997 ringgit
by Cals Wed 19 Aug 2015, 19:07
Technicals
Palm oil targets 1,997 ringgit
SINGAPORE (Aug 19): Palm oil may break a support at 2,017 ringgit per tonne and fall further towards the next support at 1,997 ringgit, driven by a wave (5).
This is the fifth wave of a bigger wave C, which is the third leg of a three-wave cycle that developed from the June 8 high of 2,362 ringgit. The wave (5) may travel to the Aug. 13 low of 1,958 ringgit.
A Fibonacci projection analysis on the target of the wave C reveals an immediate support at 2,017 ringgit, the 186.4 percent level, which may not hold the fall towards the 200 percent level at 1,997 ringgit.
** Wang Tao is a [size=12]Reuters market analyst for commodities and energy technicals. The views expressed are his own.[/size]
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 1,997 ringgit
SINGAPORE (Aug 19): Palm oil may break a support at 2,017 ringgit per tonne and fall further towards the next support at 1,997 ringgit, driven by a wave (5).
This is the fifth wave of a bigger wave C, which is the third leg of a three-wave cycle that developed from the June 8 high of 2,362 ringgit. The wave (5) may travel to the Aug. 13 low of 1,958 ringgit.
A Fibonacci projection analysis on the target of the wave C reveals an immediate support at 2,017 ringgit, the 186.4 percent level, which may not hold the fall towards the 200 percent level at 1,997 ringgit.
** Wang Tao is a [size=12]Reuters market analyst for commodities and energy technicals. The views expressed are his own.[/size]
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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