12/7/2017 (Reuters) - SINGAPORE- Palm oil Sept. contract may slide a bit more into the range of 2,560-2,569 ringgit per tonne, as suggested by a Fibonacci projection analysis and a rising channel.

The contract is riding on a wave c, the third wave of a three-wave cycle from the June 8 low of 2,390 ringgit. This wave failed to break a resistance at 2,614 ringgit, the 150 percent level.

The failure triggered a correction towards the channel line in a range of 2,560-2,569 ringgit. Despite this correction, the uptrend shall remain intact, as the wave c could eventually extend to 2,628 ringgit.

Resistance is at 2,599 ringgit, a break above which could lead to a gain into the range of 2,599-2,614 ringgit.