The Times of India Business (31/10/2017) - SINGAPORE, Oct 31 (Reuters) - The palm oil January contract may climb to 2,878 ringgit per tonne, as it has cleared a resistance at 2,826 ringgit.

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

The resistance was at the 38.2 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the May 31 low of 2,416 ringgit.

This wave is capable of travelling into a wide range of 2,930-3,100 ringgit. A more realistic target could be 2,878 ringgit.

A Fibonacci retracement analysis on the downtrend from the Sept. 14 high of 2,860 ringgit to the Oct. 3 low of 2,656 ringgit reveals a support at 2,832 ringgit, the 86.4 percent level, a break below which could cause a loss to 2,812 ringgit.

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

** 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 Vyas Mohan)