FCPO Commentary on 21/04/09

FCPO 3rd month July Futures contract rebound RM11 higher to close at RM2446 as compare to previous trading session with 11,376 lots traded in the market. CPO was traded higher since 1st trading session but consolidate in the 2nd trading session.

Technically, CPO price topped around 78.6% Fibonacci rebound levels at RM2493 regions. We expect CPO price begin to ride on a bear rally provided resistance levels at RM2500 and RM2540 were not violated in the coming trading session. Traders were advice to hold short position in the coming trading session while alert around support levels at RM2390 and RM2330 regions.