Wednesday, October 6, 2010

Palm Oil Technicals from Reuters

SINGAPORE, Oct.6 (Reuters) - Malaysian palm oil <KPOc3> could rise to 2,750 ringgit per tonne, as an "a-b-c" corrective wave cycle is seen complete at 2,655 ringgit.

The wave "c" is confirmed over as it could be broken down into five small waves, with a failed wave "5" having ended at 2,655 ringgit.

The wave "4" top at 2,689 ringgit has been surpassed, signaling a possible bullish reversal at 2,655 ringgit.

Support is at 2,680 ringgit, a fall below which would violate the bullish outlook, and palm oil may return to 2,655 ringgit.

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