Crude Palm Oil (CPO) has been forming higher lows in the last 12 months. On 16 Dec, it successfully tested the neckline of a double bottom formation. The new support for CPO is established at RM2,480 to RM2,510. A retest of the 12 months high of RM2,790 is likely in the next few months.
Golden Agri's chart has a pattern which looks like a mini ascending triangle (on diminishing volume). 50c remains the resistance to watch. The rising 20dMA has been compromised twice this week. Rising 50dMA and 100dMA are at 46c. These should provide strong support. I am still long this counter but might consider partial divestment if it hits 50c. Charts for Golden Agriculture
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