CORRECTED-TECHNICALS-Palm oil may test resistance at 5,070 ringgit

(Corrects resistance level in headline and first paragraph to 5,070 ringgit, not 4,917 ringgit) * For more technical analyses, please click TECH/C SINGAPORE, Dec 2 (Reuters) - Palm oil FCPOc3 may test resistance at 5,070 ringgit per metric ton, a break above which could open the way towards the 5,128-5,206 ringgit range. The contract has broken lower resistance at 4,985 ringgit. The next resistance will be at 5,070 ringgit, which is near the peak of a wave b. Generally, market is likely to experience a correction around the peak of the wave b. A fall towards 4,985 ringgit may occur when the contract climbs to 5,070 ringgit. Support is at 4,985 ringgit, a break below which could trigger a drop into 4,849-4,917 ringgit range. On the daily chart, a retracement analysis reveals resistance at 5,097 ringgit, which is expected to work together with the resistance on the hourly chart to temporarily stop the rise and trigger a correction. The uptrend may not be disrupted much by the correction, as the current rise seems to be driven by a wave (5), which may travel far above 5,202 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/4gdYGUU tech https://tmsnrt.rs/4fMRiQm ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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]))