TECHNICALS-Palm oil may consolidate in 4,756-4,902 ringgit range

* For more technical analyses, please click TECH/C SINGAPORE, Dec 16 (Reuters) - Palm oil FCPOc3 may consolidate in the range of 4,756 ringgit to 4,902 ringgit per metric ton for one or two days before breaking 4,756 ringgit and falling towards 4,626 ringgit. The consolidation is expected to consist of three waves. The third wave labelled c may have started, unfolding towards 4,837 ringgit to 4,902 ringgit range. The fall from 5,178 ringgit is classified as a part of a three-wave cycle from the Nov. 11 high of 5,202 ringgit. The fall is likely to extend below 4,660 ringgit, the endpoint of the first wave, the wave A. A break above 4,902 ringgit may confirm a small double-bottom. A bullish target of 5,097 ringgit will be established accordingly. On the daily chart, 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. * 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/3OXfBze tech https://tmsnrt.rs/3OXTlFn ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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]))