MARKET DEVELOPMENT
Palm Oil May Retest Support at RM2,139
Palm Oil May Retest Support at RM2,139
14/07/2015 (Borneo Post) - Palm oil may retest a support at RM2,139 per tonne, as it could have completed a rebound triggered by this level.
The support is provided by the 76.4 per cent Fibonacci retracement on the uptrend from the April 29 low of RM2,070 to the June 8 high of RM2,362.
The rebound caused by this barrier seems to have ended around RM2,216, the 50 per cent level.
Strategically, the target at RM2,139 will be confirmed when palm oil drops below RM2,172. A rise to RM2,192 could be extended to RM2,216.
The support is provided by the 76.4 per cent Fibonacci retracement on the uptrend from the April 29 low of RM2,070 to the June 8 high of RM2,362.
The rebound caused by this barrier seems to have ended around RM2,216, the 50 per cent level.
Strategically, the target at RM2,139 will be confirmed when palm oil drops below RM2,172. A rise to RM2,192 could be extended to RM2,216.