30/08/2017 (Times of India) - SINGAPORE, Aug 30 (Reuters) - Palm oil Nov. contract still targets 2,687 ringgit per tonne, as it has temporarily peaked around a key resistance at 2,759 ringgit.

The resistance is identified as the 61.8 percent retracement of the downtrend from the Dec. 19, 2,016 high of 2,993 ringgit to the May 31 low of 2,380 ringgit.

Before the contract broke above the former resistance at 2,687 ringgit, it consolidated below this level for a few weeks. There is a good reason to believe that the current correction could at least extend to 2,687 ringgit, now a support.

Immediate resistance is at 2,730 ringgit, the 138.2 percent Fibonacci projection level of an uptrend from the Aug. 18 low of 2,644 ringgit, a break above this barrier could lead to a gain limited to 2,744 ringgit.