CPO: Breaking the RM2100 support

As at 11.00am, CPO was trading at RM2084. That's below the strong horizontal support of RM2100. It confirmed the prevailing negative reading from the technical indicators, MACD and Stochastics. Unless a quick recovery happens, CPO may test the psychological RM2000.


Chart 1: CPO's weekly chart as at April 29, 2015_11.00am (Source: iFS.marketcenter.com)

A breakdown in CPO prices would be negative for plantation stocks. The Plantation index - now hanging onto its support at 7700 - may revisit its December 2014 low of 7400.


Chart 2: Plantation's daily cahrt as at April 29, 2015_11.00am (Source: ShareInvestor.com)

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, CPO or plantation stocks.