Monday, July 30, 2001(The Star) - CRUDE PALM OIL futures prices on theMalaysia Derivatives Exchange (MDEX) held steady for most of the sessionslast week and finally closed the week with moderate gains.Political uncertainties in Indonesia and the strong rebound in the ChicagoBoard of Trade soyoil prices supported sentiment.The October futures contract trended upwards from a week'slow of RM1,116to RM1,191 and closed the week higher at RM1,190, up RM43 per tonne from aweek ago.Based on chart, the October futures prices ended the week positive andappear set for more range-bound trading this week.Chart support for this week is revised higher to the RM1,150-RM1,130levels. Chart resistance for this week is pegged at the RM1,200-RM1,215levels.Based strictly on chart reading, the market would likely be locked in atrading band of between RM1,200 and RM1,130 levels.The 12-day exponentially smoothed moving-average price line (ESA) remainsin upward trend and ended the week higher at RM1,120. Based on theESA-lines, the market should stay constructive for the immediate term.Technically, the daily stochastics triggered the buy signal on July 26 andsignalled an upward wave has started.The oscillator per cent K settled the week above the oscillator per cent Dand closed lower at 55.41% and 33.40% respectively. Analysis of thestochastics shows the market has room for further advances.The daily Momentum Index (MI)has penetrated its downtrend resistance andsignalled an upward cycle has begun. The MI ended the week above the100-point mark and settled slightly lower at 121.90 points.The Moving-Average Convergence/Divergence (MACD) remained constructiveduring Friday's close and continued to indicate the upward cycle isintact. The MACD and the trigger-line finished the week slightly lower at80.81 and 81.56 points respectively.