Thursday, 10 September 2015 12:30
SINGAPORE: Palm oil is expected to rise to 2,171 ringgit per tonne, as it has broken a resistance at 2,113 ringgit.
The resistance was provided by the 50 percent Fibonacci retracement on the fall from the June 8 high of 2,362 ringgit to the Aug. 25 low of 1,863 ringgit. The next resistance will be at 2,171 ringgit, the 61.8 percent level.
A drop to 2,097 ringgit could signal the break above 2,113 ringgit was false, and a bearish target will be established at 2,054 ringgit, the 38.2 percent level.
