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)