20/04/2012 (Business Recorder) - A bearish target of 3,402 ringgit per tonne remains unchanged for Malaysian palm oil, provided it does not suddenly jump to 3,520 ringgit.

Consolidation since Monday has been triggered by trendline support around 3,470 ringgit, but a short-term downtrend that developed from the April 10 high of 3,628 ringgit has not been violated and will continue to progress towards the 38.2 percent Fibonacci retracement on the rise from 3,036 ringgit to 3,628 ringgit.

Strategically, the target at 3,402 ringgit will be confirmed if palm oil drops below 3,454 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.