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Friday, March 17, 2017

CPO Found Its Footing

CPO appears to have found a bottom - maybe just a temporary bottom - at RM2780 and is now rebounding.


Chart 1: CPO (MYR) daily chart as at Mar 16, 2017 (Source: ifs.marketcenter.com)

CPO (in USD) reflects the same technical picture.



Chart 2: CPO (USD) daily chart as at Mar 16, 2017 (Source: Investing.com)

The recovery in CPO prices could be the catalyst for a play for plantation as better prices coupled with improved FFB output should drive earning higher.

2 comments:

Chong BoonKee said...

Hi Alex,

Are you familiar with point & figure chart? Today i generate the FBMKLCI on P&F chart(block size 10 x reversal 3). It show multi-top breakout. So i did a horizontal price count and come out with 3 target price, 1,885, 2,175 & the final TP with range 2,315 - 2,425.

Do you think all these TP possible to achieve?

Alex Lu said...

Hi Chong BoonKee

I don't use point & figure chart. I like to have a look at your chart. Please send it to my email account, alexlu_kl@yahoo.com. Thank you in advance.