The Times of India Business (20/10/2017) - SINGAPORE, Oct 20 (Reuters) - The palm oil January contract may gain more to 2,742 ringgit per tonne, as suggested by a Fibonacci retracement analysis.

For a chart: http://tmsnrt.rs/2xS3Ftz

The analysis is on the uptrend from the Oct. 3 low of 2,656 ringgit to the Oct. 17 high of 2,769 ringgit. It reveals a support at 2,713 ringgit, the 50 percent level, which works together with another support established by a rising trendline to cause a bounce.

It could be too aggressive to target 2,769 ringgit, which is suggested by a rising channel. However, the bounce looks incomplete. It may extend a bit further to 2,742 ringgit.

A break below 2,713 ringgit could cause a loss into the range of 2,683-2,699 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) (Reporting by Wang Tao; Editing by Subhranshu Sahu)