FCPO Commentary on 23/04/09

FCPO 3rd month July Futures contract surge RM40 higher to close at RM2475 as compare to previous trading session with 11,396 lots traded in the market. CPO price were traded wild during the trading session due to soybean oil and crude oil electronic trading.

Technically, CPO price seems challenge the resistance trend line around RM2470 regions in the hourly chart. Failure to resist buying interest shall indicate bull rally into CPO price trading. Traders were advice to hold long position once the resistance levels around RM2501 and RM2540 were violated. Support levels were seen at RM2440 and RM2380 regions.