28/01/2012 (Business Recorder) - A bearish target at 3,103 ringgit per tonne is unchanged for Malaysian palm oil as it is riding on a downward wave "c".

This wave is expected to travel at least the same length as the wave "a", to arrive at the 100 percent Fibonacci projection level of 3,049 ringgit.

But a more realistic target could be 3,103 ringgit, the preceding wave "a" trough, and a break below this will immediately open the way towards 3,049 ringgit.

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.