FCPO Commentary on 22/01/09

FCPO 3rd month April Futures contract closed RM18 lower to close RM1809 as compare to previous trading session with 7747 lots traded in the market. CPO was traded tight range during the entire trading session.

Technically, CPO price traded tight range within RM1820 and RM1800 range during the trading session. We expect CPO price would trade higher in the coming trading session only if support levels at RM1800 and RM1730 were not violated. Traders were advice to hold long position while be cautious around the resistance levels at RM1850 and RM1900 regions.