At the end of the morning session today, CPO closed at RM3078 per tonne. At that price, CPO has broken below its medium-term uptrend line support at RM3300. In fact, it is lower than the low of RM3200 recorded last week (see Chart 1 & 2 below). A quick recovery above the RM3300 is important, failing which the current CPO's uptrend is deemed over.
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Tuesday, April 1, 2008
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