30/12/2011 (Business Times) - Malaysian palm oil will fall to 3,140 ringgit per tonne, as a five-wave cycle has completed.

The cycle started at the Dec. 15 low of 2,971 ringgit, with a wave "5" having peaked at Wednesday's high of 3,205 ringgit.

The completion of the cycle has been confirmed by the violation of a rising channel. A duplicated channel indicates palm oil is moving in a price range of 3,140-3,185 ringgit.

A drop below 3,140 ringgit will extend to 3,116 ringgit, the 38.2 percent Fibonacci retracement on the rise from 2,971 ringgit to 3,205 ringgit.

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