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Technicals Palm oil may rise to RM2,387
by Cals Sat 05 Dec 2015, 00:02
- Technicals
[size=28]Palm oil may rise to RM2,387
By Reuters / Reuters | December 4, 2015 : 11:55 AM MYTSINGAPORE (Dec 4): Palm oil may rise to RM2,387 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 Nov 25 low of RM2,260. This wave has travelled above RM2,361, its 38.2% Fibonacci projection level.
The wave c is unfolding towards RM2,387, the 61.8%. At its maximum capacity, it may climb to RM2,431, the 100% projection level.
A break below RM2,361, now a support, could cause a loss to RM2,344, the 23.6% level.
(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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