TECHNICALS-Palm oil to rise towards 4,646 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, Jan 13 (Reuters) - Palm oil FCPOc3 is expected to rise towards 4,646 ringgit per metric ton, the peak of a wave B. The downtrend from 5,179 ringgit consists of three waves. The peak of the wave B serves as a target as the bullish momentum looks quite strong. The bullish divergence on the hourly RSI suggests a further gain. A runaway gap formed on Monday, reflecting the strong bullish momentum as well. Support is at 4,423 ringgit, a break below which could trigger a drop into the 4,313 ringgit to 4,362 ringgit range. On the daily chart, the contract stabilized around strong support at 4,227 ringgit, the 61.8% retracement of the uptrend from 3,638 ringgit. It also broke the resistance at 4,409 ringgit. The behaviour of the market suggests a continuation of the uptrend from 3,702 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/3Pv7hHg tech https://tmsnrt.rs/4gRj8eH ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Sonia Cheema) (([email protected]; +65 6973 8364/9188 4196))