TECHNICALS-Palm oil still targets 4,646 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Jan 14 (Reuters) - Palm oil FCPOc3 still targets 4,646 ringgit per metric ton, the peak of a wave B. The downtrend from 5,179 ringgit could be broken down into three waves. Based on the speed of the current rise, the peak of the wave B is considered a target. A runaway gap forming on Monday still exists, working as a support zone. A break below 4,460 ringgit may cause a fall into 4,362-4,423 ringgit range. On the daily chart, the downtrend reversed around strong support at 4,227 ringgit, the 61.8% retracement of the uptrend from 3,638 ringgit. The reversal suggests a continuation of the uptrend from 3,702 ringgit. Given that the market has broken resistance at 4,409 ringgit, it may test the next resistance at 4,591 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. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3Wg4RjD tech https://tmsnrt.rs/3Wg4Z2B ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Sumana Nandy) (([email protected]; +65 6973 8364/9188 4196))