FCPO Commentary on 17/12/08

FCPO 3rd month March Futures contract close RM35 lower to close RM1545 as compare to previous trading session with 6327 lots traded in the market. CPO price was opened lower due to unexpected weak crude oil overnight closing despite of yesterday strong crude oil electronic trading during the trading hours.

Technically, CPO today seems to challenge the 50% Fibonacci retracement levels at RM1520 levels and support seems holding well against the selling pressure. However, we expect CPO price would try to search for firm support around RM1490 levels; 61.8% Fibonacci retracement figures before starts to surge new high in the coming trading session. Traders were advice to hold long position around the support levels at RM 1525 and RM1500 region while being cautious around the resistance lev
Yeon Sziang: around the resistance level at RM1560 and RM1600 regions.