FCPO Commentary on 16/04/09

FCPO 3rd month June Futures contract fall RM26 lower to close at RM2459 as compare to previous trading session with 12,436 lots traded in the market. CPO price seems topped around RM2540 as massive profit taking activities during trading session.

Technically, CPO seems topped around 123.6% Fibonacci projection at RM2530 regions. We expect CPO price would trade lower in the coming trading session provided resistance levels at RM2480 and RM2530 regions. Traders were advice to hold short position in the coming trading session while be extra alert around support levels at RM2400 and RM2340 regions.