08/06/2011 (Business Recorder) - A bearish target has been established at 3,234 ringgit per tonne for Malaysian palm oil as a double-top pattern was confirmed.

The pattern became valid After palm oil fell below the consolidation range of 3,350-3,465 ringgit, and the current wave (2) or wave "b" could have extended.

The contract may hover around 3,350 ringgit, the neckline of the pattern for half a trading session, but so long as it remains below a resistance at 3,390 ringgit, the bearish target at 3,234 ringgit should be intact.