FCPO Commentary on 25/02/09

FCPO 3rd month May Futures contract retrace marginally RM9 lower to close at RM1871 as compare to previous trading session with 8782 lots traded in the market. Another day CPO price was traded sideways while waiting for fresh market leads.

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.