23/10/2017 (Times of India) - SINGAPORE, Oct 23 (Reuters) - The palm oil January contract may gain more into a range of 2,753-2,761 ringgit per tonne, as suggested by a Fibonacci retracement analysis.

For a chart: http://tmsnrt.rs/2l8E6hZ

The range is formed by the 14.6 percent and the 7 percent Fibonacci retracements of the uptrend from the Oct. 3 low of 2,656 ringgit to the Oct. 17 high of 2,769 ringgit.

The trend seems to have been developing within a rising channel, which suggests a target around 2,780 ringgit. The gains from the Oct. 19 low of 2,704 ringgit may consist of three waves. The third wave labelled c is travelling towards the target zone.

Support is at 2,726 ringgit, a break below which could confirm a reversal of the uptrend, and a bearish target at 2,699 ringgit will be established.

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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 Gopakumar Warrier)