The Times of India Business (04/10/2017) - SINGAPORE, Oct 4 (Reuters) - Palm oil Dec contract may retest a support at 2,651 ringgit per tonne, as it could have completed a bounce triggered by this level.

For a chart: http://reut.rs/2ynzjyL

The support is identified as the 61.8 percent Fibonacci retracement of the uptrend from the July 19 low of 2,512 ringgit to the Sept. 14 high of 2,876 ringgit.

Three waves make up the correction from 2,876 ringgit. The third wave, labelled c, is capable of travelling to 2,579 ringgit, its 100 percent Fibonacci projection level.

Another retracement analysis on the third month continuous chart reveals a similar target at 2,609 ringgit.

For a chart: http://reut.rs/2yXnxs7

Resistance is at 2,694 ringgit(first chart), a break above which could lead to a gain to 2,737 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)