Thursday, October 7, 2010

Palm Oil Technicals from Reuters

SINGAPORE, Oct 7 (Reuters) - A bullish target at 2,750 ringgit per tonne for Malaysian palm oil <KPOc3> is intact as an upward wave "5" is yet to develop.

The current consolidation is regarded as a wave "4" correction which may be limited to 2,706 ringgit, the 38.2 percent Fibonacci retracement level on the rise from 2,660 ringgit to 2,735 ringgit.

A fall below 2,706 ringgit would push prices down to 2,698 ringgit, the 50 percent Fibonacci retracement level.

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