Monday, August 18, 2008

CPO testing its horizontal support of RM2400

On August 7th, I've posted that CPO may find support at the horizontal line of RM2400 (go here). In that post, I have appended a composite chart which may not be easy to see. Since then, ifs.marketcenter.com has included more data into its weekly chart. I have appended below the latest weekly chart for your easy viewing.

From this weekly chart, we can clearly see that the RM2400 is a good horizontal support. In fact, the CPO is holding quite well at this level for today. If the crude oil- which is up about USD0.56 to USD114.33 as at 4.54 pm (local time)- can put in a strong rebound, the CPO may do the same tomorrow. Then, we may have some recovery in the plantation stocks.


Chart: CPO's weekly chart as at August 15th (source: ifs.marketcenter.com)

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