TECHNICALS-Palm oil to stabilize around 4,915 ringgit and rise

* For more technical analyses, please click TECH/C SINGAPORE, Dec 11 (Reuters) - Palm oil FCPOc3 is expected to stabilize around support at 4,915 ringgit per metric ton and test resistance at 4,983 ringgit. The support and resistance are identified as the 50% and the 61.8% retracements of the downtrend from 5,202 ringgit. Both work as key barriers to a further fall or a rise. A break below 4,915 ringgit may trigger a drop into 4,764-4,847 ringgit range, while a break above 4,983 ringgit could lead to a gain to 5,067 ringgit. On the daily chart, the wave (5) failed to extend above the peak of the wave (3) at 5,202 ringgit. A failed fifth wave is likely to occur. Under this scenario, market is expected to fall to 4,626 ringgit. However, a rising trendline establishes support around 4,900 ringgit, which may temporarily stop the fall and trigger a bounce. * 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/4iuxsLu tech https://tmsnrt.rs/3ZCgnXA ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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]))