FCPO Commentary on 19/11/08

FCPO January futures contract close almost unchanged at RM1436 as compare to previous trading session with a total of 6238 lots traded in the market.

CPO price was traded sideways during the entire trading session as there not much market leads for price to trade on certain direction. Technically, CPO price was seen bottomed at RM1413 region as a sharp fall to test support at RM1400 region and ended with a Doji before starts to surge up in the hourly chart. Provided if the support levels at RM1413 and RM1400 were not violated, we have strong indication that CPO price might be traded high in the coming trading session while resistance were seen at RM1453 and RM1488 regions.