Thursday, October 14, 2010

Palm Oil Technicals from Reuters

SINGAPORE, Oct. 14 (Reuters) - Malaysian palm oil <KPOc3> may rise to 3,000 ringgit per tonne if it stands above a pivotal resistance at 2,960 ringgit.

A consolidation range is observed between 2,880 ringgit and 2,940 ringgit, and a jump above it would immediately open the way to 3,000 ringgit, based on the price difference between the high and the low of the range.

The 21-period moving average on the 30-minute chart still provides support for the retracement, and may not be touched again.

A pivotal support is at 2,899 ringgit, a fall below which would possibly extend its loss towards 2,880 ringgit, the low of the range.

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