FCPO Commentary on 19/03/09

FCPO 3rd month May Futures contract fall RM17 lower to close at RM1905 as compare to previous trading session with 5753 lots traded in the market. CPO price was mainly trading sideways throughout the entire trading session.

Technically, CPO seems break down from a trend line in the 15 minute price chart but close above hourly price chart. Confirmation breaks down from rising wedge in the hourly chart once support levels at RM1900 and RM1870 region were violated. Traders were advice to hold short position once the support levels were violated while put tight stop loss around resistance level at RM1950 and RM1980 regions.