The Edge Markets (15/11/2017) - SINGAPORE (Nov 15): The palm oil February contract may fall more to 2,709 ringgit per tonne, as it has broken a support at 2,739 ringgit.

The support was provided by the 61.8 percent Fibonacci retracement of the uptrend from the Oct. 2 low of 2,660 ringgit to the Oct. 30 high of 2,868 ringgit.

The drop from 2,868 ringgit consists of three waves. A Fibonacci projection analysis on the target of the third wave labeled c indicates a support at 2,708 ringgit, the 161.8 percent level, which is near 2,709 ringgit.

A rise above 2,741 ringgit could signal the break below 2,739 ringgit was false. The contract may gain further to 2,761 ringgit then. - Reuters