TECHNICALS-Palm oil to gain further into 5,202-5,242 ringgit range

* For more technical analyses, please click TECH/C SINGAPORE, Dec 6 (Reuters) - Palm oil FCPOc3 is expected to gain further into a range of 5,202 ringgit to 5,242 ringgit per metric ton, driven by a wave 5. Strategically, this target zone will be confirmed when market breaks the immediate resistance at 5,162 ringgit. A break below support at 5,124 ringgit may signal the occurrence of a failed fifth wave, which could have ended around 5,162 ringgit. However, this special wave seems unlikely to appear, as the contract may be buoyed by the strong gains in the overnight CBOT grain market. Perhaps, palm oil could surge at the open on Friday. On the daily chart, the contract is expected to test resistance at 5,223 ringgit. A break will confirm a target zone of 5,408 ringgit to 5,593 ringgit. A failure will complicate the picture, as a correction could follow, which may extend to any level down to 4,626 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/41l6M9T tech https://tmsnrt.rs/3BhlvrI ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Rashmi Aich) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected]))