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Palm oil to drop to 3,140 ringgit/t

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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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Copyright Reuters, 2012