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Saturday, October 16, 2010

Palm Oil Technicals from Reuters

SINGAPORE, Oct. 15 (Reuters) - Malaysian palm oil is expected to retrace to 2,880 ringgit per tonne, as a bearish engulfing pattern is observed on its daily chart.

The engulfing pattern is one of the typical bearish reversals seen on a candlestick chart. As well, the rally from the Oct. 4 low at 2,653 ringgit could be too sharp not to be followed by a consolidation or retracement.

But the downside may not be limited to 2,880 ringgit, as a gap that formed between 2,808 ringgit and 2,886 ringgit could be partially filled as well.
Resistance is at 2,948 ringgit, a rise above which would open the way to 2,980.

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