TECHNICALS-Palm oil may retest resistance at 5,070 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Dec 3 (Reuters) - Palm oil FCPOc3 is expected to retest 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 correction triggered by this barrier is assumed to have ended, based on its three-wave structure. This corrective wave mode suggests a steady uptrend. An upward wave 5 is driving the trend towards 5,070 ringgit. A fall below 4,931 ringgit would signal an extension of the correction toward 4,849 ringgit. On the daily chart, the black candlestick on Dec. 2 looks much smaller than the big white candle on Nov. 29. The relation suggests a prevailing bullish sentiment. Wave pattern indicates the development of an upward wave (5), which could 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/4gfZSH0 tech https://tmsnrt.rs/4ggo3oR ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Alan Barona) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected]))