TECHNICALS-Palm oil may bounce to 4,293 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Oct 10 (Reuters) - Palm oil FCPOc3 may bounce to 4,293 ringgit per metric ton, as it failed again to break support at 4,206 ringgit. The failure suggests the formation of a flat pattern, which consists of three small waves, with the wave c yet to travel to 4,293 ringgit. A break below 4,206 ringgit could be followed by a drop into 4,120 ringgit to 4,153 ringgit. A break above 4,293 ringgit would indicate a continuation of the uptrend. On the daily chart, the market seems to be stabilising around a rising trendline. The stabilisation suggests a five-wave structure of the uptrend from 3,702 ringgit. The correction over the past two days might have been driven by a wave d, which is expected to end around 4,206 ringgit. The upward wave e will take over and travel towards 4,432 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 https://tmsnrt.rs/3Yg3cfj tech https://tmsnrt.rs/3U54CGT ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Subhranshu Sahu) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected].))