FCPO Commentary on 15/04/09

FCPO 3rd month June Futures contract surge RM150 higher to close at RM2485 as compare to previous trading session with 11491 lots traded in the market. CPO price continue to rally upwards for the 4th trading days despite crude oil trading was closed weak during the trading session.

Technically, CPO yesterday breached 2 previous major resistance levels at RM2340 and RM2465 regions. We expect CPO price still riding on a bull rally and reversal signal yet to appear in the hourly chart. Traders were advice to hold long position while being extra cautious around resistance levels at RM2625 and RM2800 regions while put tight stop order around support levels at RM2450 and RM2400 regions.