Monday, February 23, 2009

FCPO Commentary on 24/02/09


FCPO 3rd month May Futures contract rebound RM40 higher to close at RM1875 as compare to previous trading session with 6863 lots traded in the market. CPO price was traded sideways for another trading session despite of crude oil and soybean oil electronic trading wild movement during trading session.

Technically, CPO price seems traded sideways within RM1830 and RM1880 range in the hourly chart while trying to breach 100 – day and 80 – day moving average resistance levels. We expect CPO price would trade higher in the coming trading session provided support levels at RM1830 and RM1810 were violated. Traders were advice to hold long position in the coming trading while be cautious around resistance levels at RM1880 and RM1930 regions.

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