TECHNICALS-Palm oil remains neutral in 4,313-4,423 ringgit range

* For more technical analyses, please click TECH/C SINGAPORE, Jan 9 (Reuters) - Palm oil FCPOc3 remains neutral in a range of 4,313 ringgit to 4,423 ringgit per metric ton, and an escape could suggest a direction. A break above 4,423 ringgit could lead to a gain into the 4,521 ringgit to 4,578 ringgit range, while a break below 4,313 ringgit could open the way towards the 4,202 ringgit to 4,263 ringgit range. Given that the current consolidation is being shaped into a wedge, which looks like a bearish continuation pattern, the bias might be towards the downside. On the daily chart, the contract approximately observes a series of retracements of the uptrend from 3,638 ringgit. After breaking the 50% level of 4,409 ringgit, market has been remaining below this level. The sideways move over the past few days is considered as a pullback towards 4,409 ringgit. With the pullback appearing to be over, the contract is poised to fall towards 4,227 ringgit. * 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. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ tech https://tmsnrt.rs/4fW9dmN tech https://tmsnrt.rs/4h4Vvz8 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Alan Barona) (([email protected]; +65 6973 8364/9188 4196))