WTIC & CPO have bullish breakouts

Crude Oil prices recovery may have began. From the WTIC daily chart below, we can see that a bullish breakout above the symmetrical triangle at USD45.


Chart 1: WTIC's daily chart as at Mar 9, 2009 (source: Stockcharts.com)

A recovery in crude oil prices should be positive for oil & gas stocks, such as Sapcres, Kencana etc.

Similarly, I expect further recovery in CPO prices. From the CPO's daily chart below, we can see a bullish breakout above the ascending triangle at RM2040 level. Again, I believe plantation stocks, such as IOI, KLK, Asiatic etc would put in a decent rally.



Chart 2: CPO's daily chart as at Mar 6, 2009 (source: ifs.marketcenter.com)