TECHNICALS-Palm oil may rise into range of 4,751-4,859 ringgit in Q2

* For more technical analyses, please click TECH/C SINGAPORE, March 21 (Reuters) - Palm oil FCPOc3 may rise into a range of 4,751-4,859 ringgit per metric ton in the second quarter, driven by a wave C. This is the third wave of a three-wave cycle from the September 2022 low of 3,220 ringgit. It has come to its 100% projection level of 4,399 ringgit. Simply based on the projection analysis, the wave C may either end around 4,399 ringgit or extend to 5,144 ringgit. However, a retracement analysis on the downtrend from 7,229 ringgit suggests an extension of this wave. The resistance at 4,166 ringgit, the 23.6% level, has been broken. The break opened the way towards the 38.2% level of 4,751 ringgit. A rise to 4,751 ringgit will prove this wave's capacity to travel to 5,144 ringgit. By the time market climbs to 4,751 ringgit, a double-bottom around 3,220 ringgit will be confirmed as well. The pattern indicates a much higher target of 5,698 ringgit. Several highs around 4,043 ringgit touched in September and November 2023 and January 2024 work together to provide a strong support, serving as a limit to any correction from the current level. The wave C consists of three smaller waves. A calculation on the small wave c on the daily chart reveals a set of projection levels that are controlling the market more precisely. This wave has travelled far above its 61.8% projection level of 4,110 ringgit. Chances are it may extend to 4,474 ringgit. The uptrend looks steady and full of momentum. The contract has just completed a pullback towards a falling trendline. It is poised to test the resistance zone of 4,399-4,474 ringgit, which is likely to trigger a decent correction. ** 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 his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ cpo q2 https://tmsnrt.rs/4cqQpLX tech https://tmsnrt.rs/48ZlC6h ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Sohini Goswami) (([email protected]; +65 6973 8364/9188 4196)) (( If you have a query or comment on this story, send an email to [email protected].))