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Technicals Palm oil faces resistance at 2,695 ringgit
by Cals Tue 22 Mar 2016, 01:35
- Technicals
[size=28]Palm oil faces resistance at 2,695 ringgit
By Reuters / Reuters | March 21, 2016 : 12:35 PM MYTSINGAPORE (March 21): Palm oil faces a resistance at 2,695 ringgit per tonne, a break above which could lead to a gain to 2,729 ringgit.
The resistance is provided by the 176.4% Fibonacci projection level of an uptrend from the Sept 21, 2015 low of 2,088 ringgit, based on the preceding uptrend from the Aug 25, 2015 low of 1,863 ringgit to the Sept 15, 2015 high of 2,207 ringgit.
The next resistance will be at 2,729 ringgit, the 186.4% level, which will be targeted should palm oil be able to rise to 2,700 ringgit, as such a rise could confirm the break above 2,695 ringgit.
A drop below 2,666 ringgit could cause a loss to 2,645 ringgit, the 161.8% 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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