16/01/2012 (Business Recorder) - Malaysian palm oil will clear a support at 3,176 ringgit per tonne to head towards 3,140 ringgit thereafter.

The support is the low touched on Jan. 6, provided by the neckline of a double-top pattern which points to 3,108 ringgit, the 50 percent Fibonacci retracement on the rise from 2,971 ringgit to 3,244 ringgit.

A more realistic target will be 3,140 ringgit, the 38.2 percent retracement.

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