TECHNICALS-Palm oil may test support at 3,864 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Sept 3 (Reuters) - Palm oil FCPOc3 may test support at 3,864 ringgit per metric ton, as it failed again to break resistance at 3,966 ringgit. The failure would result in a further consolidation below 3,966 ringgit or a drop towards 3,819 ringgit to 3,864 ringgit range. The break above a falling trendline is considered invalid as well. A break below 3,864 ringgit could be followed by a fall into 3,784 ringgit to 3,819 ringgit range, while a break above 3,966 ringgit, which seems unlikely, could trigger a gain into 4,023 ringgit to 4,122 ringgit range. On the hourly chart, the correction from the Aug. 30 high of 4,003 ringgit was characterized by a gap, which has a strong bearish indication, considering that a five-wave cycle from 3,638 ringgit may have peaked. The depth of the correction confirms a completion of the cycle. A retracement analysis on the uptrend from 3,638 ringgit suggests a target zone of 3,821 ringgit to 3,864 ringgit, which will be confirmed when the market falls below 3,909 ringgit. * 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 d https://tmsnrt.rs/3AZ65I3 tech https://tmsnrt.rs/4gnOHxd ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Mrigank Dhaniwala) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected].))