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Today, crude palm oil (CPO) closed at RM2,498, up RM46 or 1.88%. Crude oil is again above US$77 and this is good news for CPO. Golden Agriculture's price action recaptured the 50dMA at 52c, closing at 52.5c. That the 50dMA is resistance turned support needs confirmation tomorrow. MFI is still at 20% which means that any move up in price has lots of room before the counter becomes overbought. Initial resistance is provided by the 20dMA at 56c which is also a 38.2% Fibo resistance.
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