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Technicals Palm oil may consolidate more in 2,218-2,266 ringgit range
by Cals Tue 12 Jul 2016, 20:50
- Technicals
[size=28]Palm oil may consolidate more in 2,218-2,266 ringgit range
By Reuters / Reuters | July 12, 2016 : 12:53 PM MYTSINGAPORE (July 12): Palm oil may consolidate further in a narrow range of 2,218-2,266 ringgit per tonne, as suggested by a Fibonacci ratio analysis.
The range is formed by the 61.8% Fibonacci retracement on the uptrend from the Aug 25, 2015 low of 1,863 ringgit to the March 29, 2016 high of 2,793 ringgit and the 38.2% Fibonacci projection level of a downward wave c, — the third wave of a three-wave cycle from the June 7 high of 2,677 ringgit.
A break above 2,266 ringgit may lead to a gain to 2,319 ringgit, the 23.6% projection level, while a break below 2,218 ringgit could cause a loss to the 61.8% projection level at 2,182 ringgit.
The bias could be towards the upside. - 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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