07/09/2017 (The Times of India Business) - * For more technical analyses, please click

SINGAPORE, Sept 7 (Reuters) - Palm oil Nov. contract may retest a resistance at 2,769 ringgit per tonne, a break above which could lead to a gain to the next resistance at 2,790 ringgit.

For a chart: http://tmsnrt.rs/2gMf7PO

These resistances are identified respectively as the 38.2 percent and the 50 percent Fibonacci projection levels of an upward wave c, the third wave of a presumed three-wave cycle from the Aug. 16 low of 2,608 ringgit. This wave could at least travel to 2,811 ringgit, its 61.8 percent projection level.

A Fibonacci retracement analysis on the downtrend from the Dec. 19, 2016 high of 2,993 ringgit to the May 31 low of 2,380 ringgit shows that the contract may break above the resistance at 2,759 ringgit and then rise towards 2,848 ringgit - the 76.4 percent level.

For a chart: http://tmsnrt.rs/2vNtYA5

Support is at 2,728 ringgit (first chart), a break below which could cause a loss to 2,703 ringgit.

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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **

($1 = 4.4430 ringgit)