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Technicals Palm oil still targets 2,506 ringgit
by Cals Thu 25 Feb 2016, 01:39
- Technicals
[size=28]Palm oil still targets 2,506 ringgit
By Reuters / Reuters | February 24, 2016 : 11:46 AM MYTSINGAPORE (Feb 24): Palm oil still targets 2,506 ringgit per tonne, as suggested by a rising channel and a Fibonacci projection analysis.
The channel line provides support around 2,506 ringgit, the 100 percent Fibonacci projection level of an uptrend from the Dec. 15 low of 2,324 ringgit.
A Fibonacci retracement analysis on the downtrend from the Feb. 11, 2011 high of 3,963 ringgit to the Aug. 25, 2015 low of 1,863 ringgit reveals that the current drop was caused by resistance at 2,665 ringgit, the 38.2 percent level. - Reuters
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