Palm oil may rise to 2,224 ringgit SINGAPORE: Palm oil seems to - TopicsExpress



          

Palm oil may rise to 2,224 ringgit SINGAPORE: Palm oil seems to have stabilised around support at 2,163 ringgit per tonne and may rise towards resistance at 2,224 ringgit. Resistance is provided by the 61.8 percent Fibonacci projection level of a preceding wave (c) that started at the Sept. 22 low of 2,064 ringgit. This barrier has triggered a consolidation which seems to have been shaped into a triangle, a typical continuation pattern that indicates an extension of the preceding uptrend rising from the Sept. 2 low of 1,914 ringgit. Support is at Oct. 13 low of 2,152 ringgit, a break below which will trigger a further loss towards 2,125 ringgit, the 23.6 percent projection level. 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.
Posted on: Tue, 14 Oct 2014 11:00:09 +0000

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