FCPO Commentary on 23/12/08

FCPO 3rd month March Futures contract surge RM52 higher to close RM1588 as compare to previous trading session with 3504 lots traded in the market. CPO price was opened higher due to weak crude oil and soybean oil trading strong during trading session.

Technically, CPO price mainly sideways within RM1577 ant RM1595 throughout the entire trading session. CPO price seems encounter some great resistance around 61.8% Fibonacci rebound level at RM1597 region. Again, we expect CPO price would remain traded sideways in the coming trading session. However, we still advice traders to hold long position in the coming trading session. Support was seen at RM 1540 region.