TECHNICALS-Palm oil may test resistance at 3,899 ringgit

* For more technical analyses, please click TECH/C SINGAPORE, May 16 (Reuters) - Palm oil FCPOc3 may test resistance at 3,899 ringgit per metric ton, a break above could open the way towards 3,942 ringgit. The bounce from the May 10 low of 3,767 ringgit consists of three waves. The current wave c is expected to travel towards the 3,899-3,942 ringgit range. A break above 3,899 ringgit will be milestone in the chart formation, as a trend reversal will be confirmed. A break below 3,830 ringgit would open the way towards the 3,787-3,812 ringgit range. On the daily chart, market stabilized around support at 3,804 ringgit, signalling the formation of a bottom. However, only a break above 3,926 ringgit could confirm this bottom and a trend reversal. A break below 3,804 ringgit would trigger a drop towards the 3,607-3,721 ringgit range. * 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/4bx00Qs tech https://tmsnrt.rs/3WE9CVa ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (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].))