Friday, October 1, 2010

Palm Oil Technicals from Reuters

SINGAPORE, Oct 1 (Reuters) - Malaysian palm oil <KPOc3> may rise into a range of 2,850-2,900 ringgit per tonne after it cleared trendline resistance at 2,733 ringgit for a second time. 

After a minor retracement to 2,691 ringgit on Wednesday, palm oil could have accumulated enough strength to progress towards upper channel line resistance at 2,850 ringgit, or even higher to 2,900 ringgit. 

Support is at 2,691 ringgit, a break below which will trigger a further retracement to 2,630 ringgit.

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