FCPO Commentary on 13/03/09

FCPO 3rd month May Futures contract plunge RM60 lower to close at RM1920 as compare to previous trading session with 7942 lots traded in the market. CPO price was trading south as soon as Dorab Mistry market reviews regarding CPO price being release during the 2nd trading session.

Technically, CPO price was trading downwards throughout the entire trading session and stopped at 61.8% Fibonacci retracement level at RM1910 regions. We expect CPO price would still intact with bull trend provided support level at RM1910 and RM1880 were not violated. Traders were still advice to hold long position for CPO price trading in the coming trading session while be cautious around resistance levels at RM1960 and RM2000 regions.