FCPO Commentary on 04/02/09

FCPO 3rd month April Futures contract closed RM9 higher to close RM1788 as compare to previous trading session with 4744 lots traded in the market. CPO price was traded sideways in a uptrend price channel as soybean oil and crude oil electronic trading were traded wild.

Technically, CPO price seem temporary supported above 61.8% Fibonacci retracement levels at RM1730 in the hourly chart. We expect CPO price would trade higher in the coming trading session despite great resistance levels were expect around RM1800 and RM1855 regions. Traders were advice to hold long position in the coming trading session while support levels at RM1750 and RM1730 must strictly guard.