Palm | Kelapa Sawit

Market looks had found some cushion at 3.3425 after the recent sharp fall. Thus, a technical pulled back may see and upside projection is looking at 3.4140 followed by 3.4300. To the downside, support is pegged at 3.3650-3.3500 followed by 3.3425.

MYR chart is likely to continue its downtrend move following prices violated the underline support at 3.4500. Thus, more room to bias downside potential in near term market. As for now, we are looking for the downside support at 3.3880-3.3870 followed by 3.3670. While, immediate upside resistance is pegged at 3.4440-3.4500.

MYR chart still in up-swing mode. It just breaks the overhead resistance at 3.52 easily and heading to 3.580 to 3.590 (at 2nd resistance) as we mentioned in our 17/10/08’s comment. Its up-swing mode remain strong, may want to try the next resistance level between 3.640-3.690.

MYR/USD weaken further tested and cracked the overhead resistance at 3.520 level. With the trend remain weak, looks like it is heading for the 2nd overhead resistance price of 3.580 to 3.590.

Malaysia Ringgit had been weakening and broke the resistance at 3.3900 to 3.4000 level. Now looks heading to next resistance level at 3.5200 region in mid term.

USD/MYR broke the overhead resistance at 3.280 easily and appears in the up-swing mode, likely to challenge the overhead resistance at 3.35-3.36 level.

USD/MYR chart looks pretty rangy between 3.28-3.20 for the moment. It has been trading within this range since mid May 08 till now while looking for a new direction. Chart and technical point of view appear to be quite supportive after a good rebound from 3.1300 some where end April 08.

Triple top at 3.2750-3.280 resistance looks rather strong. Third attempt also unable to penetrate. Since up-side failed to break may want to challenge 1st underline support between 3.1900-3.1950.