Update: Plantation, Asiatic, KLCI, Landmarks, Tebrau

1)Plantation Index has broken through the recent resistance of 3567 on higher volume. Looks like rising CPO prices and dwindling stocks will underpin the index. Look for further rises in most plantation stocks. IJM Plant, Rimbunan Sawit & Asiatic are good buys.


2)Asiatic broke through the recent high of 3.58 on high volume. Next target is 3.92.


3)KLCI is rising slowly but surely above 940. This is a good sign & Thursday also had higher volume. If it can stay above 940 on Friday then we have the 3-day rule, i.e. if prices can stay above a resistance line for 3 days then we can say that resistance has been surpassed positively. Next target is 950. Other signals are flat to positive. A break below 940 will be negative.


4)Landmarks - Has formed a long legged doji star at a peak. Possible indication of a change in trend & correction but this needs confirmation with an open & close on Friday below 1.80. If prices close above 1.80 then the doji is invalid. No other indicator is signalling a correction though, so traders must wait for additional signals after Friday.


5)Tebrau - Finally after 2 weeks of down days we have a bullish engulfing pattern. It still has to rise above 0.55 to be positive again but today was a good signal. The only negative is that volume is still down. Keep an eye on the resistance of 0.55 & support of 0.50. A break above resistance is positive & below support is negative. The descending triangle is still there & until prices break out of the triangle, Tebrau is still not bullish yet.