Malaysia Palm Futures May Test RM2,581

SINGAPORE: The Malaysian palm oil futures third-month contract’s

bearish target at RM2,503 per tonne is shifted to RM2,520, as it touched

a high of RM2,565 today.

The RM2,565 level is almost 76.4 per cent of the Fibonacci level on

the move from RM2,581 to RM2,520.

The technical reading indicates there is a good chance for palm oil

to first test the nearest high on the hourly chart at RM2,581 

and then drop to 2,520 again. – Reuters

Source : Business Times

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