Wednesday, February 11, 2009

FCPO Commentary on 12/02/09


FCPO 3rd month April Futures contract fall RM44 lower to close RM1925 as compare to previous trading session with 11714 lots traded in the market. Heavy profit taking activities were take place in CPO price trading session due to weak soybean oil electronic trading.

Technically, CPO price was seen consolidating around RM1920 and
RM1960 range. Hourly chart shows weak volume transaction every time CPO price attempt to break up higher. However, we expect CPO price would encounter great buying pressure around RM1840 and RM1800. Traders were advice to hold long position around the support levels while be cautious around resistance at RM1970 and RM2000 regions.

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