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Palm oil to test support at 2,024 ringgit
by Cals Tue 08 Sep 2015, 21:07
Palm oil to test support at 2,024 ringgit
By Reuters / Reuters | September 8, 2015 : 1:28 PM MYT
SINGAPORE (Sept 8): Palm oil may test a support at 2,024 ringgit per tonne as it has failed to break a resistance at 2,074 ringgit.
The resistance is provided by the 50% Fibonacci retracement on the fall from the July 3 high of 2,285 ringgit to the Aug 25 low of 1,863 ringgit, and the support by 38.2% level.
Wave pattern suggests that the gain from 1,863 ringgit has been driven by a wave IV, the fourth wave of a five-wave cycle from the June 8 high of 2,362 ringgit. This wave could have more or less completed and will be totally reversed by a downward wave V.
A break above 2,074 ringgit will lead to a gain to 2,124 ringgit, the 61.8% 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.)
By Reuters / Reuters | September 8, 2015 : 1:28 PM MYT
SINGAPORE (Sept 8): Palm oil may test a support at 2,024 ringgit per tonne as it has failed to break a resistance at 2,074 ringgit.
The resistance is provided by the 50% Fibonacci retracement on the fall from the July 3 high of 2,285 ringgit to the Aug 25 low of 1,863 ringgit, and the support by 38.2% level.
Wave pattern suggests that the gain from 1,863 ringgit has been driven by a wave IV, the fourth wave of a five-wave cycle from the June 8 high of 2,362 ringgit. This wave could have more or less completed and will be totally reversed by a downward wave V.
A break above 2,074 ringgit will lead to a gain to 2,124 ringgit, the 61.8% 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.)
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