On October 24, CPO finally launched into an upswing after it broke above
the horizontal line at RM2250. Today, after ten weeks of steady rise,
CPO has cracked above the psychological RM3000 mark. It is now testing
the downtrend line, RR at RM3050. This downtrend line stretches back all
the way to March 2008!! Can the rally break above this formidable
downtrend line?
Chart 1: CPO's weekly chart as at 30 Dec 2019_3.00pm (Source: Investing.com)
Chart 2: CPO's monthly chart as at 30 Dec 2019_3.00pm (Source: Investing.com)
Kenanga has rightly called this rally in early November. The research
analyst picked 3 stocks to ride the CPO rally. They are HSPLANT, TAANN
and KLK. The huge rally in these stocks can be clearly seen below.
Chart 3: HSPLANT's daily chart as at 30 Dec 2019_3.00pm (Source: Malaysiastock.biz)

Chart 5; TAANN's daily chart as at 30 Dec 2019_3.00pm (Source: Malaysiastock.biz)
If CPO were to consolidate after testing the downtrend line at RM3050,
the lofty prices of many of the plantation stocks will likely to
retrace. I believe that some profit-taking now may be a good idea.
http://nexttrade.blogspot.com/2019/12/cpos-fantastic-rally.html