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Technicals Palm oil may drop to 2,430 ringgit
by Cals Wed 27 Jan 2016, 20:42
- Technicals
[size=28]Palm oil may drop to 2,430 ringgit
By Reuters / Reuters | January 27, 2016 : 1:48 PM MYTSINGAPORE (Jan 27): Palm oil may drop to 2,430 ringgit per tonne, as indicated by a triangle.
The pattern developed from the Dec 31, 2015 high of 2,508 ringgit. Its upper trendline has established resistance at 2,480 ringgit, which has caused a correction towards the lower trendline around 2,430 ringgit.
Palm oil may rise again after retracing to 2,430 ringgit, as wave pattern suggests that it is riding on a wave C, which may extend to 2,535 ringgit, its 161.8% Fibonacci projection level.
The contract will face a resistance at 2,495 ringgit, the 138.2% level, after it breaks above 2,480 ringgit. Only a break above 2,495 ringgit could confirm the extension of the wave C towards 2,535 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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