Commodities are now facing fever pitch selling. Oil has breached the USD122 support while Soybean is approaching the critical 52 support after a heavy bout of selling in the last two days. Expect CPO prices and CPO stocks to be hit today which will drag down our KLCI for the foreseeable near term.
IOI Corporation’s support at the RM5.00 level and Sime Darby’s support at the RM7.40 level will likely not hold in the near term.
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Thursday, 28 August 2008
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