19/06/ 2017 (Times of India) - SINGAPORE, June 19 (Reuters) - Palm oil Sept. contract faces a resistance at 2,498 ringgit per tonne, it may hover below this level or retrace towards a support 2,441 ringgit.
For a chart: http://tmsnrt.rs/2sIqInF
The resistance is provided by the 50 percent Fibonacci retracement on the downtrend from the May 18 high of 2,605 ringgit to the June 8 low of 2,390 ringgit. The former resistance at 2,441 ringgit caused a deep correction while the resistance at 2,472 failed to do so. Chances are the current resistance may trigger a decent correction.
A break above 2,498 ringgit could lead to a gain into the range of 2,523-2,554 ringgit.
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** 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. **
($1 = 4.4430 ringgit) (Reporting by Wang Tao; Editing by Sherry Jacob-Phillips)