TECHNICALS-Palm oil may stabilise around 4,253 ringgit and bounce

* For more technical analyses, please click TECH/C SINGAPORE, Jan 16 (Reuters) - Palm oil FCPOc3 may stabilise around support at 4,253 ringgit per metric ton, and bounce towards 4,351 ringgit to 4,412 ringgit. The support is identified as the 161.8% projection level of a downtrend from 4,927 ringgit. The contract bounced strongly to 4,551 ringgit after failing to break this support on Jan. 9. A weaker bounce my occur around 4,253 ringgit, with a purpose to fill the gap on Jan. 15. A fall below 4,225 ringgit may signal the extension of the downtrend towards 4,131 ringgit, the 100% projection level of a presumed wave c from 4,551 ringgit. On the daily chart, a retracement analysis on the uptrend from 3,638 ringgit to 5,180 ringgit reveals strong support at 4,227 ringgit, the 61.8% level, which is likely to stop the fall and trigger a bounce again. A break below 4,227 ringgit could open the way towards 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/4hbdPat tech https://tmsnrt.rs/40iBLRN ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Subhranshu Sahu) (([email protected]; +65 6973 8364/9188 4196))