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Tuesday, 18 August 2015 10:55
SINGAPORE: Palm oil faces a resistance at 2,052 ringgit per tonne and may either hover below this level or retrace to a support at 2,017 ringgit.
The resistance is identified as the 161.8 percent Fibonacci projection level of a big wave C, the third wave of a three-wave cycle that developed from the June 8 high of 2,362 ringgit.
A break above the resistance could open the way towards the next resistance at 2,086 ringgit, the 138.2 percent level.
However, the bounce from the Aug. 13 low of 1,958 ringgit could be too sharp to sustain. Most likely, palm oil will seek a support at 2,017 ringgit, the 186.4 percent level.
