FCPO Commentary on 27/03/09

FCPO 3rd month June Futures contract rose RM63 higher to close at RM2035 as compare to previous trading session with 9115 lots traded in the market. CPO price seems traded higher during the trading session due to strong soybean oil and crude oil electronic trading during the trading session.

Technically, CPO price to close on 50% Fibonacci projection at RM2035 after manage to build a base around RM1980 regions. We expect CPO price would trade higher in the coming trading session provided if support levels at RM1950 and RM1920 were not violated. Traders were advise to hold long position in the coming trading session while be extra alert around resistance levels at RM2053, RM2080 and RM2113levels.