TECHNICALS — Palm oil may retest resistance at 4,732 ringgit

For more technical analyses, click TECH/C SINGAPORE, Oct 16 (Reuters) — Palm oil may retest a resistance at 4,732 ringgit per metric ton, a break above could open the way toward the 4,766-4,799 ringgit range. A wedge is taking shape. After stabilizing around the lower trendline, the market bounced sharply toward the upper trendline. The bounce suggests a continuation of the uptrend from 4,501 ringgit. Support is at 4,677 ringgit, a break below may trigger a fall into the 4,622-4,656 ringgit range. On the daily chart, the market briefly pierced above a resistance at 4,705 ringgit again. It may test the next resistance at 4,771 ringgit, the 50% retracement on the downtrend from 5,050 ringgit. A break above 4,771 ringgit could lead to a gain into the 4,836-4,918 ringgit range. A further rise would suggest the continuation of the uptrend from 3,893 ringgit. * 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 consult