FCPO Commentary on 17/02/09

FCPO 3rd month April Futures contract plunge RM72 lower to close at RM1922 as compare to previous trading session with 9966 lots traded in the market. CPO price was trader lower in the second trading session.

Technically, CPO price seems encounter strong selling pressure around resistance levels at RM2000 regions. However, we still expect CPO price would trade higher in the coming trading session provided if support levels at RM1800 and RM1720 were not violated. Traders were advice to hold long position in the coming trading session while be cautious around the resistance levels at RM1960 and RM2000 regions.