TECHNICALS-Palm oil may keep climbing towards 5,023 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Nov 7 (Reuters) - Palm oil FCPOc3 may keep climbing towards 5,023 ringgit, before reversing its uptrend. The market seems to be rising within a wedge, which generally appears at the end of a rally. The upper trendline points at a target of 5,023 ringgit, the 361.8% projection level of the trend from 3,702 ringgit. While the contract touches higher high, the hourly RSI failed to keep up with the prices. A bearish divergence is observed, suggesting a limited upside. Support is at 4,883 ringgit, a break below which could trigger a drop into 4,797 ringgit to 4,850 ringgit. On the daily chart, a spinning top formed during the late trading session on Wednesday, which symbolises a cautious sentiment. A cluster of resistance levels, namely 4,887 ringgit, 4,936 ringgit and 5,023 ringgit, are expected to stop the rise and cause a deep correction. * 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/3O3R0It tech https://tmsnrt.rs/3YGied8 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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].))