29/12/2011 (Business Recorder) - Malaysian palm oil will gain more to 3,240 ringgit per tonne, as indicated by a rising channel.

The rise from the Dec. 15 low of 2,971 ringgit has adopted a five-wave mode, with the wave "5" unfolding towards the upper channel line.

Even if the rally seems exhausted, the bullish momentum has not dissipated, as there is no indication of a bearish reversal yet.

Support is at 3,141 ringgit, a break below which will violate the current uptrend and trigger a further loss to 3,120 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.