13/09/2017 (The Times of India Business) - SINGAPORE, Sept 13 (Reuters) - Palm oil Nov. contract may break a resistance at 2,836 ringgit per tonne, and rise more into a range of 2,853-2,877 ringgit.

For a chart: http://tmsnrt.rs/2f3XXg9

The resistance is identified as the 76.4 percent Fibonacci projection level of an upward wave c, the third wave of a presumed three-wave cycle from the Aug. 16 low of 2,608 ringgit. At its full capacity, this wave may extend to 2,877 ringgit.

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 indicates the contract is poised to break a resistance at 2,848 ringgit - the 76.4 percent level, and rise more towards 2,993 ringgit.

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

Support is at 2,811 ringgit (first chart), a break below which could cause a loss limited to 2,790 ringgit.

* Use EIKON news "Alerts" to get reports sent to your email box automatically. For guidance, click http://tmsnrt.rs/29exTKN

** 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) (Reporting by Wang Tao; Editing by Sherry Jacob-Phillips)