Markets
Palm oil neutral around 3,056 ringgit/T
SINGAPORE : Malaysian palm oil is technically neutral as it hovers around a resistance at 3,056 ringgit per tonne.
Th
1 min
By
The resistance is the 61.8 percent Fibonacci projection level of a wave "c" target, based on the length of the wave "a". A further gain to 3,080 ringgit will confirm a move towards 3,119 ringgit, the 100 percent level.
On the other hand, a fall below a minor support at 3,030 ringgit will signal the completion of the current wave "c" rebound, with a bearish target to be established at 2,989 ringgit.
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.
Copyright Reuters, 2011