Short-term support level at RM1,404.

(From Business Times (Malaysia))

Byline: W.Q. Mun

Long-term Trend: Bullish Short-term Trend: RM1,400RM1,500 trading range market with a downside bias.

Momentum Index: - 25 Relative Strength Index: 44 Observations: CPO market participants abandoned their trade positions in numbers, and price movements practically came to a near standstill last week.

The active August 2006 contract was traded within a narrow RM1,434-RM1,452 price band, settling last Friday at RM1,446 for a nominal RM6 loss over the week. Trading turnover was down compared to that for the previous week.

The abandonment of trade positions was evidenced by the notable …