FCPO Commentary on 20/11/08

FCPO February futures contract surge RM44 higher compare to previous trading session and close at RM1480 with a total 8735 lots traded in the market.

CPO price was traded higher in 2nd trading session as soybean oil and crude oil electronic traded upwards during trading session. Technically, CPO price seems reached 23.6% Fibonacci projection at RM1493; 50% Fibonacci projection upon completion of minor wave 5. We would expect CPO price to retrace around RM1458; 50% Fibonacci figures before continue to surge up in the coming trading session. Traders were advice to hold long position in the coming trading session once the resistance levels at RM1493 and RM1488 were breach.