FCPO Commentary on 06/04/09

FCPO 3rd month June Futures contract close marginally RM6 higher at RM2159 as compare to previous trading session with 11613 lots traded in the market. CPO price was traded wild during trading session due do some profit taking activities despite crude oil electronic trading was traded high during trading session.

Technically, CPO seems encounter some great selling pressure around resistance levels around RM2180 regions despite of 3 attempt try to breach the resistance levels. We expect CPO still riding on a bull rally provided that support levels at RM1955 and RM2050 regions must not be violated. Traders were advice to hold long position in the coming trading session around support levels while be alert around resistance levels at RM2180 and RM2292 regions.