TECHNICALS-Palm oil to rise towards 5,202-5,242 ringgit range

* For more technical analyses, please click TECH/C SINGAPORE, Dec 9 (Reuters) - Palm oil FCPOc3 may break resistance at 5,162 ringgit per metric ton, and rise towards 5,202 ringgit to 5,242 ringgit range, driven by a wave 5. Under normal circumstances, the wave 5 is supposed to travel far above the peak of the wave 3 around 5,162 ringgit. However, market failed again to break 5,162 ringgit, following its failure on Dec. 6. These failures could be the first indication of a failed fifth wave. A break below support at 5,067 ringgit may confirm this failed wave. A bearish target at 4,983 ringgit would be established accordingly. On the daily chart, a projection analysis reveals resistance at 5,223 ringgit, a break above which could open the way towards 5,408 ringgit to 5,593 ringgit. A failure will be followed by a shallow correction towards the target zone of 4,854 ringgit to 4,995 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. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ tech https://tmsnrt.rs/4g7XsuK cl https://tmsnrt.rs/49sLFV4 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Mrigank Dhaniwala) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected]))