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NEWS ADMIN

DATE

14/09/2017

NEWS PROVIDER

Nazlin Ismail

NEWS SOURCE

Times of India

CATEGORY

HEADLINE

Palm oil may rise into 2,902-2,918 ringgit range

14/09/2017 (Times of India) - SINGAPORE - Palm oil Nov. contract may break a resistance at 2,877 ringgit per tonne, and rise more into a range of 2,902-2,918 ringgit.

For a chart: http://tmsnrt.rs/2jqHbsL

The resistance is identified as the 100 percent Fibonacci projection level of an upward wave c, the third wave of a presumed three-wave cycle from the Aug. 16 low of 2,608 ringgit. This wave may extend above this key resistance at 2,877 ringgit, as a Fibonacci retracement analysis on the daily chart suggests a target at 2,910 ringgit.

For a chart: http://tmsnrt.rs/2f6YoGl

The target is identified as the 86.4 percent Fibonacci retracement on the downtrend from the Dec. 19, 2016 high of 2,993 ringgit to the May 31 low of 2,380 ringgit

A correction could be limited to 2,853 ringgit (first chart).

 

 ($1 = 4.4430 ringgit)