TECHNICALS-Palm oil may test resistance at 4,023 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Sept 2 (Reuters) - Palm oil FCPOc3 may test resistance at 4,023 ringgit per metric ton, a break above could open the way towards 4,122 ringgit. The contract has broken a falling trendline and resistance at 3,966 ringgit. The break signals an extension of the uptrend towards the peak of a wave B at 4,122 ringgit. Strategically, this target will be available when market breaks the resistance at 4,023 ringgit. A close below 3,966 ringgit on Monday would cast some doubt on the validity of the break above the trendline. On the hourly chart, a projection analysis on the uptrend from 3,633 ringgit reveals more fine-tuned resistance and support. The resistance at 4,003 ringgit stopped the rise. Signals on the daily chart suggest a shallow correction. A break below 3,956 ringgit could open the way towards 3,927 ringgit to 3,938 ringgit. A further fall may signal the reversal of the uptrend. * 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 their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/4dJgAxH tech https://tmsnrt.rs/4cMMiZJ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Sherry Jacob-Phillips) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected].))