The Times of India Business (16/10/2017) - SINGAPORE, Oct 16 (Reuters) - Palm oil Jan. contract is expected to rise into a range of 2,782-2,812 ringgit per tonne, as suggested by a Fibonacci retracement analysis and an inverted head-and-shoulders.

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

The range is formed by the 61.8 percent and the 76.4 percent Fibonacci retracements of the downtrend from Sept. 14 high of 2,860 ringgit to the Oct. 3 low of 2,656 ringgit.

The inverted head-and-shoulders has been confirmed, as its neckline was broken. The pattern suggests a target around 2,840 ringgit.

A correction triggered by the resistance at 2,758 ringgit will be classified as a pullback towards the trendline. This pullback may end around 2,734 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; Editing by Amrutha Gayathri)