FCPO Commentary on 17/03/09

FCPO 3rd month May Futures contract rise RM20 higher to close at RM1922 as compare to previous trading session with 6512 lots traded in the market. CPO was traded sideways despite crude oil plunge during the trading hours.

Technically, CPO price seem traded sideways throughout the trading session but still maintain within the rising wedge range. We expect CPO price would plunge during coming trading session provided support levels at RM1902 and 1880 were violated. Traders were advice to stay out for clear signal in order minimize unnecessary trading risk. Resistance were seen at RM1980 and RM2040 region.