FCPO Commentary on 10/03/09

FCPO 3rd month May Futures contract rose RM34 higher to close at RM1940 as compare to previous trading session with 6954 lots traded in the market. CPO price was traded higher in the coming trading session as soybean oil and crude oil electronic trading were surge higher during trading session.
 
Technically, CPO price manage to surge higher after break the resistance trend line at RM1920 level and manage to penetrate 80 – days and 100 – day moving average in the hourly price chart. We expect CPO price will traded higher in the coming trading session provided support levels at RM1830 and RM1890 were not violated. Traders were advice to hold long position in the coming trading session while be cautious around resistance levels at RM1970 and RM2000 regions.