CPO benchmark daily technical indicators remained supportive with moving average period 5 and 15 maintains its sideways to bias upside posture. While, stochastic continue to stay at neutral territory with % K and %D at 46% and 42% respectively. Parabolic also remains in holding long with sell stop adjusted to 2053. Thus, market may continue to move in sideways to bias upside potential in near term as shown by indicators. As for now, the immediate downside support is pegged at 2085-2100 followed by 2050-2070. To the upside, resistance is pegged at 2160-2185 followed by 2200-2220. >
Yesterday, the active OCTOBER delivery contract stalled on early session’s attempt to re-take territory above the moderate resistance area at RM2’150/MT. This has attracted selling momentum from the top dragging the market down below the important resistance-turned-support at RM2’134/MT. Failure to resurface above this crucial resistance area will be potentially damaging to the hopeful bulls for the near-term. As this will inspire extended fall towards the nearest intervening support at the RM2’099/MT region. Furthermore, extended weakness beyond this will magnetise the market towards the pivot-support at RM2’063/MT level.
Yesterday, the active OCTOBER delivery contract stalled on early session’s attempt to re-take territory above the moderate resistance area at RM2’150/MT. This has attracted selling momentum from the top dragging the market down below the important resistance-turned-support at RM2’134/MT. Failure to resurface above this crucial resistance area will be potentially damaging to the hopeful bulls for the near-term. As this will inspire extended fall towards the nearest intervening support at the RM2’099/MT region. Furthermore, extended weakness beyond this will magnetise the market towards the pivot-support at RM2’063/MT level. 
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