TECHNICALS-Palm oil may fall into 4,882-4,947 ringgit range

* For more technical analyses, please click TECH/C SINGAPORE, Nov 13 (Reuters) - Palm oil FCPOc3 may break support at 5,017 ringgit and fall into the 4,882-4,947 ringgit range. The current correction is expected to consist of three waves. It is clear that only the first wave, the wave a, is complete. Market may approach 5,130 ringgit again, driven by a wave b. A break above 5,130 ringgit may trigger a gain into 5,187-5,244 ringgit range. A break below 5,017 ringgit could confirm a downward wave c, which is able to travel into the 4,882-4,947 ringgit range. On the daily chart, the drop on Tuesday signals a false break above a rising channel. This failure may result into a drop towards lower channel line around 4,800 ringgit, or at least a correction towards the middle line support at 4,936 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/3CznI1U cpo https://tmsnrt.rs/3UP4DPw ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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].))