FCPO Commentary 20/02/09

FCPO 3rd month May Futures contract fall marginally RM15 lower to close at RM1860 as compare to previous trading session with 13026 lots traded in the market. CPO was traded volatile during trading session as soybean oil and crude oil electronic trading surge up trading session.
Technically, CPO price seem at support above RM1840; 50% Fibonacci retracement levels despite false break on RM1830 region twice during trading session. We expect CPO price would trade higher in the coming trading session provided support levels RM1840 and RM1810 regions. Traders were advice to hold long position around RM1850 and RM 1860 region in the coming trading session while be cautious around resistance levels around RM1900 and RM1930 regions.