TECHNICALS-Palm oil may bounce into 4,265-4,315 ringgit range

* For more technical analyses, please click TECH/C SINGAPORE, Jan 20 (Reuters) - Palm oil FCPOc3 may bounce into a range of 4,265 ringgit to 4,315 ringgit per metric ton, as it has stabilised around support at 4,106 ringgit. Strengthening the support is the other one at 4,126 ringgit, the 100% projection level of a wave c from 4,546 ringgit. This wave may either end around 4,126 ringgit or extend far below it. Regardless of the endpoint of this wave, the market may experience a bounce. A break below 4,106 ringgit could confirm the extension of the wave c towards 3,947 ringgit to 4,045 ringgit range. On the daily chart, a long-shadowed spinning top formed on Jan. 17. It signals a completion of the successive falls from Jan. 14 high of 4,510 ringgit. A bounce is likely to occur. Increasing the chance of such a bounce is a possible false break below 4,227 ringgit or a pullback towards this level. * 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/4gaLuQ2 cpo https://tmsnrt.rs/40moWWz ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Rashmi Aich) (([email protected]; +65 6973 8364/9188 4196))