14/07/2017 (Times of India) - SINGAPORE, July 14 (Reuters) - Palm oil Oct. contract may slide into a range of 2,506-2,517 ringgit per tonne, as suggested by a Fibonacci projection analysis and a rising channel.

The range is formed by the 76.4 percent and the 86.4 percent Fibonacci projection levels of an upward wave c, the third wave of a presumed three-wave cycle from the June 8 low of 2,376 ringgit.

This wave has been unfolding within a rising channel, which suggests the target zone as well. The small double-top forming around the July 11 high of 2,585 ringgit confirms a reversal of the uptrend.

A break above 2,560 ringgit could signal the extension of the uptrend towards 2,591 ringgit.