TECHNICALS-Palm oil may fall further into 3,947-4,045 ringgit range

* For more technical analyses, please click TECH/C SINGAPORE, Jan 17 (Reuters) - Palm oil FCPOc3 may fall further into a range of 3,947 ringgit to 4,045 ringgit per metric ton, driven by a wave C. This wave has travelled far below its 161.8% projection level of 4,265 ringgit. It is likely to extend into the 3,848 ringgit to 3,947 ringgit range. Another projection analysis on a small wave c from 4,546 ringgit reveals a break below the 100% projection level of 4,126 ringgit. The break suggests an extension of this small wave towards 3,965 ringgit. Resistance is at 4,163 ringgit, a break above which could trigger a gain into the 4,204 ringgit to 4,265 ringgit range. On the daily chart, the contract broke key support at 4,227 ringgit. It may test the next support at 4,002 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/4g1TS4p tech https://tmsnrt.rs/3WoMSaR ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Sonia Cheema) (([email protected]; +65 6973 8364/9188 4196))