TECHNICALS-Palm oil to retest support 3,849 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Aug 2 (Reuters) - Palm oil FCPOc3 is expected to retest support at 3,849 ringgit per metric ton, a break below which could open the way towards 3,809 ringgit. A bearish wedge has been confirmed, suggesting a target of 3,809 ringgit. Together with the preceding fall from 4,107 ringgit, it formed a more bearish pennant, which indicates a lower target of 3,745 ringgit. Wave pattern shows a progressing wave C from 4,017 ringgit, which could travel to 3,745 ringgit. A break above 3,881 ringgit may lead to a gain to 3,913 ringgit. On the daily chart, a wave C from 4,122 ringgit is yet to fulfil its target of 3,704 ringgit. The market is poised to break support at 3,964 ringgit, after much consolidation above this level. A realistic target is 3,748 ringgit, which is near 3,745 ringgit on the hourly chart. * 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/3A4Y5ot tech https://tmsnrt.rs/3Yuy6Rv ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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].))