18/02/2012 (Business Recorder) - Signals are mixed for Malaysian palm oil as it has risen again to the upper trend-line of a triangle.

A break above the upper trend-line will trigger a sharp rise to 3,322 ringgit per tonne, the 161.8 percent Fibonacci projection level, based on the length of wave "a" and the trough of wave "b" at 3,118 ringgit.

A failure to break the trend-line will signal the consolidation with the triangle may continue, with a good chance the contract will fall to 3,118 ringgit.

Wang Tao is a Reuters market analyst for commodities and energy technical. 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 his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.