10/11/2017 (Times of India) - SINGAPORE, Nov 10 (Reuters) - The palm oil January contract may retest a resistance at 2,841 ringgit per tonne, as it could have resumed its uptrend from the Oct. 3 low of 2,656 ringgit.

For a chart: http://tmsnrt.rs/2zJS6VZ

The correction from the Oct. 30 high of 2,855 ringgit has almost been reversed. The reversal signals a continuation of the uptrend.

A retracement analysis on the uptrend reveals a resistance at 2,841 ringgit, the 7 percent level, which temporarily stopped the trend and caused a pullback towards a falling wedge.

Palm oil is expected to stabilise around 2,808 ringgit and then rise towards 2,855 ringgit. A break below 2,808 ringgit could cause a loss to 2,779 ringgit.

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** 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 his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. ** ($1 = 4.4430 ringgit) (Reporting by Wang Tao; Editing by Biju Dwarakanath)