FCPO Commentary on 13/02/09

FCPO 3rd month April Futures contract close marginally RM3 higher as compare to previous trading session with 5867 lots traded in the market. CPO price seems to traded sideways throughout the entire trading session despite wild movement in soybean oil and crude oil price movement.

Technically, CPO price was seen consolidating around RM1900 and RM1960 range. However, 15minute and hourly CPO price chart shows a falling wedges where support seen at RM1910 regions. Traders were advice to hold long position once the resistance levels at RM1940 and RM1960 were violated. Support levels were seen at RM1910 and RM1840 region.