Tuesday, October 12, 2010

Palm Oil Technicals from Reuters

 SINGAPORE, Oct. 12 (Reuters) - Malaysian palm oil is expected to retrace to 2,847 ringgit a tonne, as a gap formed on Monday is likely to be partially filled.

The surge on Monday could be too sharp not to be followed by a mild consolidation or retracement, as a profit-taking action could make a further gain from the current level unlikely.

A Fibonacci retracement analysis on the rise from 2,753 ringgit to 2,940 ringgit reveals a possible correction depth at 2,847 ringgit, the 50 percent level.

A rise above 2,950 ringgit would extend its gain to 2,994 ringgit.

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