TECHNICALS-Palm oil may retest support at 4,106 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Jan 22 (Reuters) - Palm oil FCPOc3 may revisit Jan. 16 low of 4,106 ringgit per metric ton, as a bounce triggered by this barrier seems to have completed around 4,265 ringgit. The bounce looks like a pullback towards 4,225 ringgit. Despite its repeated attempts, it still failed to break 4,265 ringgit and extend further. The bounce was shaped into a rising wedge, which seems to be more a bearish continuation pattern than a bullish pattern. A fall to 4,135 will confirm the bearish scenario. A break above 4,265 ringgit would lead to a gain into 4,315 ringgit to 4,364 ringgit range. On the daily chart, the bounce looks like a pullback towards 4,227 ringit, as the market lost its momentum after briefly piercing above this level. A close below 4,227 ringgit on Wednesday will be a convincing signal of the completed pullback. The contract may drop towards 4,002 ringgit thereafter. * 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. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ lco https://tmsnrt.rs/4g2OhuJ tech https://tmsnrt.rs/4hjVHKQ ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Rashmi Aich) (([email protected]; +65 6973 8364/9188 4196))