TECHNICALS-Palm oil to test resistance 4,961 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Dec 13 (Reuters) - Palm oil FCPOc3 is expected to test resistance at 4,961 ringgit per metric ton, a break above which could open the way towards 5,045 ringgit. The contract managed to stabilize around support at 4,741 ringgit, the 76.4% retracement of the rise from 4,606 ringgit. It also climbed above resistance at 4,893 ringgit. The strong recovery from the Dec. 12 low of 4,762 ringgit confirmed a reversal of the downtrend from 5,180 ringgit. The trend is considered a part of the correction from the Nov. 1 high of 5,202 ringgit. The correction may be shaped into a wedge pattern, which suggests the market may revisit the high of 5,180 ringgit. A drop to 4,860 ringgit could confirm a break below 4,893 ringgit, now support. A bearish target zone of 4,741 ringgit to 4,825 ringgit will be established thereafter. On the daily chart, a bullish hammer formed around a rising trendline. Market is expected to test resistance at 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. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo https://tmsnrt.rs/3VBAcgo tech https://tmsnrt.rs/4fhMjX1 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Janane Venkatraman) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected]))