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Technicals Palm oil may rise to RM2,361

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Technicals Palm oil may rise to RM2,361

Post by Cals Thu 03 Dec 2015, 23:27

Technicals

[size=28]Palm oil may rise to RM2,361

By Reuters / Reuters | December 3, 2015 : 11:54 AM MYT
SINGAPORE (Dec 3): Palm oil may rise to RM2,361 per tonne, as indicated by its wave pattern and a Fibonacci projection analysis.
The contract is riding on a wave c, the third wave of a three-wave cycle from the Nov 25 low of RM2,260. This wave could at least travel to RM2,361, its 38.2% Fibonacci projection level. At its maximum capacity, it may climb to RM2,431, the 100% projection level.
Such a wave classification will be reviewed should palm oil fall below RM2,317, as the fall may be extended to RM2,287, the 76.4% Fibonacci retracement on the rise from RM2,260 to the Nov 27 high of RM2,374.
(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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Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
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Comments : â€œMy plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
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