FCPO Commentary on 30/04/09

FCPO 3rd month July Futures contract rebound RM24 higher to close at RM2480 as compare to previous trading session with 13,014 lots traded in the market. CPO price traded higher from the low as soybean oil and crude oil electronic trading surge up during the trading session.

Technically, CPO price seems double bottomed around RM2420 regions and manage to break up from the falling wedge around previous resistance levels at RM2470 regions. We expect CPO price would rebound higher in the coming trading session with nearest resistance levels seen at RM2502 and RM2530 regions. Traders were advice to hold short position in the coming trading session while be extra alert around support levels at RM2450 and RM2400 regions.