Market Forming Support, Oil Price still Up

CPO Market suffered a Slump of almost 120 points from 2726 due to Corn Oil and Soya Bean Production Over Supply at South America, this has resulted a Sell off at CPO here. Corn Oil Price are now more stable and is rebounding, so good time to Long CPO when its lower now. Estimate that CPO Prices will break 2850 within the coming 2 months.

Oil Price maintain above USD 82.00 for now, testing USD83.00 a few times. Everytime Oil goes up every USD1, CPO would go up about RM25 if Corn Oil and Soya Bean Oil also increases.

Futures is facing some resistance at 1305. Should KLCI breaks above 1300, it should break 1320 before it goes up to 1350.

KLCI & KLCI Futures is strong and holding above 1290 Level. Testing 1300.50 for a while.

US market is holding strong at DJ 10,600 points. Should this support is broken and breaks below 10,000, we will be looking at KLCI testing 1250 again.

KLCI Futures Touch 1300 Finally, CPO Above 2700

After 6 weeks of waiting, with no positive affect from Maxis IPO Listing. KLCI Futures finally hit 1300 Level. Volume has started to come in for KLSE and Volume is strong above RM1 Billion.

With US Dow Jones Market Breaking 10,608 last night, KLCI should be break 1,300 soon. Market is now on an uptrend and more on Oil/CPO Rally. Rubber & other Commodities is also on an Uptrend.

KLCI is on an uptrend to break 1,300 Level Soon.

I have been trading CI Futures, but I am now more focus on CPO which went up from Rm2,200 to Rm2,700 within the last 3 months. CPO is definitely more active and more interesting and easier to trade than KLCI Futures.

For the past 2 weeks US Light Crude Oil has went up from USD68, touching USD82.47 just now even. CPO look like on track for RM2700 to RM3000 should this Oil/Soya Bean Rally continues.

With this Icy Winter, Stocks Counter that are Oil related are also among the top volumes. I maintain a bullish look on CPO to Rm2750 for this week and will break Rm2800 soon, Current support is around RM2680.