FCPO Commentary on 29/04/09

FCPO 3rd month July Futures contract fall RM25 lower to close at RM2456 as compare to previous trading session with 11,523 lots traded in the market. CPO price was traded wild during the trading session as soybean oil was traded in large range during trading session.

Technically, CPO price seems temporary stopped at 61.8% Fibonacci projection figures at RM2420 levels. We expect CPO price still riding on a bear rally. However, we anticipate mild rebound in the coming trading session with resistance seen at RM2508 and RM2580 regions. Traders were advice to hold short position around resistance levels while eye closely around support levels at RM2400 and RM2350.