TECHNICALS-Palm oil to revisit Nov 11 high of 5,202 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Dec 4 (Reuters) - Palm oil FCPOc3 is expected to revisit its Nov. 11 high of 5,202 ringgit per metric ton, as it has broken resistance at 5,124 ringgit. This 86.4% retracement worked as the last barrier towards 5,202 ringgit. Given the smooth rise from 4,628 ringgit, there is no better calculation for the target beyond 5,202. The 107% and the 114.6% levels were added to the set of retracements to mark a possible target zone. A break below 5,124 ringgit, now a support, may trigger a drop to 5,067 ringgit. On the daily chart, a projection analysis based on the starting point of the wave (1) reveals a target zone of 5,408 ringgit to 5,593 ringgit, which will be confirmed when market breaks 5,223 ringgit. The depth of the wave (4) suggests a higher target of 5,821 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/3VlGD74 tech https://tmsnrt.rs/3BdGvj4 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Sherry Jacob-Phillips) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected]))