Monday, October 11, 2010

Palm Oil Technicals from Reuters

SINGAPORE, Oct.11 (Reuters) - A bullish target at 2,851 ringgit per tonne for Malaysian palm oil is intact, as the current retracement is seen to have ended.

The correction has come to a strong support zone formed by 2,755 ringgit, the high touched on Sept. 27, and 2,750 ringgit -- the 38.2 percent Fibonacci retracement level on the rise from 2,655 ringgit to 2,808 ringgit.

The confirmation for a resumption of the rally will be when palm oil moves above a small resistance at 2,780 ringgt.

A further dip would be less possible and will be limited to 2,732 ringgit.

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