Wednesday, September 29, 2010

Malaysian palm oil is expected to hover around 2,730 ringgit per tonne - Palm Oil Technicals from Reuters

SINGAPORE, Sept 29 (Reuters) - Malaysian palm oil is expected to hover around 2,730 ringgit per tonne for one more trading session, before moving in a particular direction. 

Palm oil is testing a long-term trendline passing through the Jan. 6 high at 2,726 ringgit and the Aug 13 high at 2,737 ringgit. Currently, it is difficult to say for sure if its move would be bullish, even though its wave pattern and an ascending channel are pointing to a range of 2,800-2,850 ringgit. 

Support is at $2,660 ringgit, a break below which will confirm that the contract peaked around 2,733 ringgit, while a rise above 2,760 would signal the resumption of the bull trend.

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