Technicals Palm oil may rise to RM2,776
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Technicals Palm oil may rise to RM2,776
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[size=28]Palm oil may rise to RM2,776
By Reuters / Reuters | April 20, 2016 : 12:25 PM MYTSINGAPORE (April 20): Palm oil may rise to RM2,776 per tonne, as it has resumed its uptrend from the Nov 25 low of RM2,260.
The trend is driven by a wave C, the third wave of a three-wave cycle from the Aug 25, 2015 low of RM1,863. This wave could eventually travel to RM2,857, the 100% level.
The nearest target is at RM2,776, the 86.4% level, a break above which could lead to a gain to RM2,857.
(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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