Wednesday, December 24, 2008

FCPO Commentary on 24/12/08

FCPO February futures contract plunge RM58 lower compare to previous trading session and close at RM1530 with a total 4198 lots traded in the market. CPO price plunge due weak crude oil and soybean oil electronic

Technically, CPO manages to trade downwards despite still trading within RM1400 and RM1700 region. CPO price was expected struggling around RM1527 and RM1453 region as both were 50% and 78.6% Fibonacci retrace figures levels. However, we still CPO price would traded higher in the coming trading session provided if support
levels at RM1450 and RM1400 levels were not violated. Traders were advice to hold long position around the support region while being cautious around resistance levels at RM1560 and RM1600 region.