FCPO Commentary on 08/04/09

FCPO 3rd month June Futures contract rose RM35 higher to close at RM2180 as compare to previous trading session with 8946 lots traded in the market. Wild trading day for CPO price trading after manage to test high and low of previous trading session as soybean oil and crude oil electronic trading was also traded wild.

Technically, CPO price seem tested 150% Fibonacci projection at RM2192 region after false break at RM2201 regions. We expect CPO price seems slightly on the top side despite currently still riding on bull trend. Traders were advice to hold long position if CPO price manage to retrace lower toward support levels at RM2100 and RM2050 region. Resistances were seen at RM2210 and RM2237 regions.