TECHNICALS — Palm oil may test support at 4,622 ringgit

For more technical analyses, click TECH/C SINGAPORE, Oct 15 (Reuters) — Palm oil may test a support at 4,622 ringgit per metric ton, a break below which could open the way toward the 4,567-4,588 ringgit range. The nature of the current fall remains unclear. It might be the third leg of a correction from 4,756 ringgit, or a continuation of the downtrend from 5,049 ringit, due to the completion of the bounce from 4,501 ringgit. Resistance is at 4,696 ringgit, a break above which may lead to a gain into the 4,732-4,766 ringgit range. On the daily chart, the market again failed to break a resistance at 4,771 ringgit, the 50% retracement on the downtrend from 5,050 ringgit. The failure indicates either an exhaustion or a completion of the bounce. The market may first retrace into the 4,573-4,623 ringgit range. A further development of the chart is needed to evaluate the trending signals. * 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 advi