TECHNICALS-Palm oil biased to revisit Nov.

16 high 4,043 ringgit
SINGAPORE, Nov 21 (Reuters) - Palm oil FCPOc3 is biased to revisit its Nov. 16 high of 4,043 ringgit per metric ton, as suggested by its wave pattern.
The contract managed to stabilise around a support of 3,917 ringgit. The stabilisation indicates an extension of the uptrend from 3,710 ringgit.
Five small waves make up the trend. The wave 5 is unfolding towards 4,043 ringgit. Support is at 3,953 ringgit, a break below which could be followed by a drop into 3,882-3,917 ringgit range.
On the daily chart, the contract is retesting a resistance at 4,027 ringgit. A break could open the way towards 4,146 ringgit.
The contract is presumed to be riding on a wave C, which could travel to 4,146 ringgit. A bullish flag suggests a much higher target of 4,533 ringgit.
A break below 3,907 ringgit may open the way towards 3,759 ringgit.