TECHNICALS-Palm oil to stabilize around 4,263 ringgit and bounce

* For more technical analyses, please click TECH/C SINGAPORE, Jan 10 (Reuters) - Palm oil FCPOc3 is expected to stabilize around support at 4,263 ringgit per metric ton and bounce towards 4,362 ringgit to 4,423 ringgit range. The support is identified as the 161.8% projection level of a downtrend from 4,938 ringgit. It is strengthened by the support at 4,231 ringgit, the 50% projection level of the downtrend from 4,646 ringgit. Bullish divergence formed on the hourly RSI, which indicates an exhaustion of the downtrend and a forthcoming bounce. A break below 4,263 ringgit may trigger a moderate fall into 4,161 ringgit to 4,202 ringgit range. On the daily chart, the contract found strong support at 4,227 ringgit, the 61.8% retracement of the uptrend from 3,638 ringgit. Given that the former support at 4,409 ringgit triggered a bounce, the current support is believed to be stronger, likely to cause another 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/427uxCQ tech https://tmsnrt.rs/4fXIGWd ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Rashmi Aich) (([email protected]; +65 6973 8364/9188 4196))