TECHNICALS-Palm oil may retest resistance at 4,750 ringgit in second quarter

* For more technical analyses, please click TECH/C SINGAPORE, April 2 (Reuters) - Palm oil FCPOc3 may retest resistance at 4,750 ringgit per metric ton in the second quarter of 2025, a break above which could open the way toward 5,231 ringgit. The contract closely observes a series of retracements on the downtrend from 7,268 ringgit to 3,194 ringgit. The consolidation within the range of 4,155 ringgit to 4,750 ringgit is expected to consist of three waves. So far, two waves may have unfolded. The third wave, the wave c, is expected to travel to 4,750 ringgit, assuming a flat pattern is developing. A more bullish scenario is a continuation of the uptrend from 3,194 ringgit. The resumption will be confirmed when the market breaks 4,750 ringgit. A break below 4,155 ringgit would be very bearish. It will not only cause a fall into 3,479 ringgit to 3,789 ringgit range, but also suggest a continuation of a wave C toward 3,194 ringgit. Basically, trending signals will remain neutral as long as the contract moves sideways in the range of 4,155 ringgit to 4,750 ringgit. It is not very clear which side of the range will be broken. The guideline is the longer the market hovers within the range, the more likely it will break 4,155 ringgit. On the daily chart, a retracement analysis on the uptrend from 3,638 ringgit to 5,202 ringgit reveals support at 4,235 ringgit, the 61.8% level, which has triggered the second bounce. The current bounce could be as strong as the first one to the February 21 high of 4,720 ringgit, if the pattern turns out to be a flat. The bounce might be weaker, to end below 4,605 ringgit, if the pattern completes as a triangle or wedge. In either case, the contract is likely to bounce toward 4,605 ringgit. A break below 4,420 ringgit could be followed by a fall into 4,007 ringgit to 4,235 ringgit range. * 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 q2 w https://tmsnrt.rs/4iOlFHB cpo q d https://tmsnrt.rs/4j2zlPe ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Eileen Soreng) ((wang.tao@tr.com; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to wang.tao@thomsonreuters.com.))