TECHNICALS-Palm oil may fall towards 4,732 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Nov 19 (Reuters) - Palm oil FCPOc3 may break support at 4,816 ringgit per metric ton and fall towards 4,732 ringgit. The drop on Monday confirmed a downward wave c, the third wave of a three-wave cycle from the Nov. 11 high of 5,202 ringgit. This wave has briefly travelled its 61.8% projection level of 4,869 ringgit, and it is likely to extend to 4,732 ringgit. Resistance is at 4,953 ringgit, a break above which could open the way towards 5,005 ringgit to 5,090 ringgit. On the daily chart, the contract is poised to fall below a rising channel. Perhaps it is time to establish a bearish target of 4,569 ringgit, which is pointed by a duplicated channel. Strategically, the target will become available when the market closes below 4,795 ringgit. A close above 4,934 ringgit would suggest a further consolidation in the upper channel or a continuation of the uptrend. * 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/4fPz7cr tech https://tmsnrt.rs/3UWbOpa ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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]))