AIRLINK 206.05 Decreased By ▼ -6.77 (-3.18%)
BOP 10.07 Decreased By ▼ -0.18 (-1.76%)
CNERGY 6.69 Decreased By ▼ -0.31 (-4.43%)
FCCL 33.00 Decreased By ▼ -0.47 (-1.4%)
FFL 16.60 Decreased By ▼ -1.04 (-5.9%)
FLYNG 22.35 Increased By ▲ 0.53 (2.43%)
HUBC 127.50 Decreased By ▼ -1.61 (-1.25%)
HUMNL 14.03 Increased By ▲ 0.17 (1.23%)
KEL 4.78 Decreased By ▼ -0.08 (-1.65%)
KOSM 6.42 Decreased By ▼ -0.51 (-7.36%)
MLCF 42.30 Decreased By ▼ -1.33 (-3.05%)
OGDC 212.90 Decreased By ▼ -0.05 (-0.02%)
PACE 6.95 Decreased By ▼ -0.27 (-3.74%)
PAEL 41.15 Decreased By ▼ -0.02 (-0.05%)
PIAHCLA 16.93 Increased By ▲ 0.10 (0.59%)
PIBTL 8.31 Decreased By ▼ -0.32 (-3.71%)
POWER 8.81 No Change ▼ 0.00 (0%)
PPL 184.00 Increased By ▲ 0.97 (0.53%)
PRL 38.53 Decreased By ▼ -1.10 (-2.78%)
PTC 24.24 Decreased By ▼ -0.49 (-1.98%)
SEARL 96.70 Decreased By ▼ -1.31 (-1.34%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 40.80 Decreased By ▼ -0.93 (-2.23%)
SYM 18.01 Decreased By ▼ -0.85 (-4.51%)
TELE 8.89 Decreased By ▼ -0.11 (-1.22%)
TPLP 12.35 Decreased By ▼ -0.05 (-0.4%)
TRG 64.80 Decreased By ▼ -0.88 (-1.34%)
WAVESAPP 10.50 Decreased By ▼ -0.48 (-4.37%)
WTL 1.82 Increased By ▲ 0.03 (1.68%)
YOUW 4.01 Decreased By ▼ -0.02 (-0.5%)
BR100 11,786 Decreased By -80.4 (-0.68%)
BR30 35,610 Decreased By -87.3 (-0.24%)
KSE100 112,910 Decreased By -1238.3 (-1.08%)
KSE30 35,535 Decreased By -417.1 (-1.16%)

imageSINGAPORE: Palm oil may rebound towards 2,211 ringgit per tonne, as it has managed to find a support at 2,154 ringgit.

The support is provided by the 50 percent Fibonacci retracement on the rise from the Sept. 2, 2014 low of 1,914 ringgit to the Jan. 15 high of 2,394 ringgit. It blocks the way towards the 61.8 percent level at 2,097 ringgit.

A rebound seems to have been triggered, towards the 38.2 percent level at 2,211 ringgit. Even though it is not very certain if the rebound could be strong enough to reach 2,211 ringgit, at least, palm oil is expected to hover above 2,154 ringgit for a few sessions.

A drop to 2,147 ringgit may signal the break below 2,154 ringgit.

Copyright Reuters, 2015

Comments

Comments are closed.