TECHNICALS-Palm oil may test support 4,869 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Nov 20 (Reuters) - Palm oil FCPOc3 may test support at 4,869 ringgit per metric ton, a break below which could open the way towards 4,732 ringgit to 4,816 ringgit range. A downward wave c from 5,090 ringgit looks incomplete. It has briefly travelled below its 61.8% projection level of 4,869 ringgit. This wave 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, a pinning top on Nov. 19 defined a neutral range of 4,824 ringgit to 5,017 ringgit. The pattern itself symbolizes the hesitation of the market. An escape from this range would suggest either a continuation of the uptrend or a fall towards 4,600 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/3Zpuq3T tech https://tmsnrt.rs/4eCGH9s ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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]))