FCPO Commentary on 16/03/09

FCPO 3rd month May Futures contract rose RM52 to close at RM1972 as compare to previous trading session with 10036 lots traded in the market. CPO price was trading strong during the trading session due to soybean oil and crude oil overnight strong closing.

Technically, CPO price seems might encounter great selling pressure around 61.8% Fibonacci retrace figure at RM1980 region. We expect CPO price would trade higher in the coming trading session with support seen at RM1910 and RM1880 regions. Traders were advice to hold long position around support levels while being alert around resistance levels at RM1980 and RM2023 levels.