17/04/2012 (Business Recorder) - Malaysian palm oil will slide further to 3,401 ringgit per tonne, as indicated by its wave pattern and a Fibonacci retracement analysis.

A three-wave cycle from the Feb. 2 low of 3,036 ringgit has completed, trigging the current fall towards the 38.2 percent Fibonacci retracement on the rise from 3,036 ringgit to 3,627 ringgit.

The sharp drop from 3,627 ringgit indicates little chance of palm oil filling the gap that formed on the hourly chart on Monday.

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.