TECHNICALS — Palm oil may test support at 4,657 ringgit

For more technical analyses, click TECH/C SINGAPORE, Oct 13 (Reuters) — Palm oil may retest support at 4,588 ringgit per metric ton; a break below could trigger a fall to 4,533-4,567 ringgit. The deep fall from 4,756 ringgit confirms the bounce from 4,491 ringgit is complete. A small common gap on October 8 is expected to be covered. The wave pattern indicates a target of 4,499 ringgit, near the bottom of wave b. A break above 4,656 ringgit may lead to a gain to the 4,677-4,711 ringgit range. On the daily chart, the bounce from 4,491 ringgit may be complete, or partially complete. Support at 4,471 ringgit, the 50% retracement of the uptrend from 3,893 ringgit to 5,048 ringgit, caused it. The market's failure to break the 23.65 level of 4,775 ringgit suggests the bounce is complete. A break above 4,705 ringgit may lead to a gain into 4,771-4,836 ringgit range. * Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. His analyses are published exclusively on Workspace - a platform provided by the London Stock Exchange. * No information in this analysis should be considered business, financial, or legal advice. Each reader should c