TECHNICALS-Palm oil may fall towards 4,626 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Dec 17 (Reuters) - Palm oil FCPOc3 may break support at 4,701 ringgit per metric ton and fall towards 4,626 ringgit. More than 76.4% of the rise from 4,626 ringgit has been reversed. This low could be revisited on Tuesday or Wednesday. The contract is presumed to be riding on a wave C, which is unfolding towards 4,603 ringgit, its 100% projection level. Resistance is at 4,756 ringgit, a break above which could open the way towards 4,837 ringgit. On the daily chart, the market broke a rising trendine. The break confirmed a reversal of the uptrend from 3,702 ringgit. The bottom of a wave (4) at 4,626 ringgit serves as a target. A retracement analysis on the trend reveals a target of 4,590 ringgit, as the market has broken the support at 4,815 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/3Dv0pXx tech https://tmsnrt.rs/4iGoCKH ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Subhranshu Sahu) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected]))