FCPO Commentary on 10/02/09

FCPO 3rd month April Futures contract closed marginally RM1 higher to close RM1880 as compare to previous trading session with 7728 lots traded in the market. CPO price was trade wild due some profit taking activities after 4 consecutive days of bull rally.

Technically, CPO price seems reached 78.6% Fibonacci projection levels at RM1916 region. We expect CPO price would retrace mildly towards next support levels at RM1800 and RM1840 region in the coming trading session. Traders were advice to hold long position in the coming trading session while be cautious around the resistance levels at RM1920 and RM1950 regions.