TECHNICALS-Palm oil may rise into 4,378-4,410 ringgit range

* For more technical analyses, please click TECH/C SINGAPORE, March 18 (Reuters) - Palm oil FCPOc3 may break resistance at 4,326 ringgit and rise into a range of 4,378 ringgit to 4,410 ringgit per metric ton, driven by a wave C. This wave travelled to 4,327 ringgit on March 14, which is almost identical to the 238.2% projection level of 4,326 ringgit. It has a better chance of extending to 4,378 ringgit. The correction from 4,327 ringgit was shallow. It seems to have ended above a runaway gap. The uptrend shall remain intact and may resume towards 4,378 ringgit. Key support is at 4,242 ringgit, a break below could signal a reversal of the uptrend. On the daily chart, two Fibonacci projection analyses on the uptrend from 3,745 ringgit and 3,520 ringgit reveal a target zone of 4,439 ringgit to 4,535 ringgit. It is observed that the rise from the March 5 low of 3,916 ringgit consists of many white candles that outnumbered the few black ones. The pattern represents a strong bullish sentiment, which is likely to drive the market into the target range. ** Charts are not available in emails received through "Alert". Key in news code TECH/C to get charts. ** 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/4chmExf tech https://tmsnrt.rs/3TdIx7K ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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].))