Monday, January 04, 2010

CPO uptrend to continue

CPO February contract is now trading at about RM2620. At this price, CPO appears to have broke above its recent horizontal resistance ('HH') of RM2585. CPO had earlier tested its short-term uptrend ('SS') before rebounding. The daily MACD is about to hook up & the Bollinger Band also looks set to expand. These two actions are likely to happen concurrently and could well lead to a sharp rise in CPO prices soon.


Chart: CPO's daily chart as at Jan 4, 2010 (Source: ifs.marketcenter.com)
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2 comments:

  1. solomonTuesday, January 05, 2010 12:04:00 PM

    Thanks for the previous comment. Any thought on EPMB?

    ReplyDelete
  2. Alex LuTuesday, January 05, 2010 2:36:00 PM

    Hi Solomon,

    EPMB reported a net profit of RM4.56 million on sale of RM337 million for 9-month ended 30/9/2009. Its annualized EPS would be about 3.7 sen. At the price of RM0.54, EPMB is trading at a PER of 14.6 times. So, EPMB is fully-valued.

    Chartwise, EPMB appears to be a medium-term uptrend line, with support at RM0.44-45. Is next upleg may have started. The immediate resistance is at RM0.59-60.

    ReplyDelete