TECHNICALS-Palm oil target of 4,646 ringgit aborted

* For more technical analyses, please click TECH/C SINGAPORE, Jan 15 (Reuters) - A bullish target of 4,646 ringgit per metric ton has been aborted for palm oil FCPOc3 , as the market seems to have lost its momentum around resistance at 4,521 ringgit. The gap formed on Jan. 13 turned out be a common type, as it has been covered. This common gap suggests that the bounce from 4,225 ringgit may have completed, or the first round of this bounce is over. It is challenging to predict the depth of the current correction. However, a projection analysis on a presumed wave c from 4,553 ringgit indicates a target of 4,293 ringgit, the 61.8% level. Resistance is at 4,521 ringgit, a break above which could lead to a gain into the 4,578 ringgit to 4,619 ringgit range. On the daily chart, the bounce lost its momentum even before extending to the resistance at 4,591 ringgit. The behaviour reflects a cautious market sentiment. Chances are the market may retrace towards 4,227 ringgit, to form the second bottom before rising again. * 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/42dVXXt tech https://tmsnrt.rs/4gRLANO ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Subhranshu Sahu) (([email protected]; +65 6973 8364/9188 4196))