TECHNICALS-Palm oil may retrace further into 4,711-4,741 ringgit range

* For more technical analyses, please click TECH/C SINGAPORE, Nov 6 (Reuters) - Palm oil FCPOc3 may retrace further into a range of 4,711 ringgit to 4,741 ringgit per metric ton, following its failure to break resistance at 4,883 ringgit. The failure, along with the death cross on hourly MACD suggests a completion of a five-wave cycle. Market may retrace towards the bottom of a wave 4 at 4,882 ringgit. A less aggressive target is 4,711 ringgit, which falls within a gap. One of the purposes of the current correction could be filling this exhaustion gap. A break above 4,823 ringgit may trigger a limited gain to 4,883 ringgit. On the daily chart, market failed to break strong resistance at 4,887 ringgit, the 100% projection level of a wave (C). A channel technique suggests a correction target zone of 4,658 ringgit to 4,711 ringgit, which is confirming the target range 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/3YF7s79 tech https://tmsnrt.rs/3UFSBrI ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Sumana Nandy) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected].))