24/02/2012 (Business Recorder) - Malaysian palm oil will consolidate further in a range of 3,244 to 3,292 ringgit per tonne, as a wave "4" correction has not ended.

A Fibonacci retracement analysis on the wave "3" rise from 3,118 ringgit to 3,294 ringgit indicates palm oil could even drop deeper to 3,227 ringgit, the 38.2 percent level.

However, the uptrend from 3,118 ringgit will not be violated by this wave "4" retracement, as an upward wave "5" will eventually travel to 3,322 ringgit, the 161.8 percent projection level, based on the length of the wave "1".

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.