FCPO Commentary on 13/04/09

FCPO 3rd month June Futures contract surge RM30 higher to close at RM2299 as compare to previous trading session with 7419 lots traded in the market. CPO continues to ride on the bull rally despite soybean oil and crude oil electronic trading was closed for Good Friday.

Technically, CPO price seems challenge 50% Fibonacci projection for minor wave count at RM2304 regions. We expect CPO price would test next resistance levels at RM2340; 61.8% Fibonacci projection for minor wave count to complete major wave count also at 61.8% projection levels. Traders were advice continue to hold long position once the resistances levels were breach while be extra cautious around support levels at RM2240 and RM2200 regions.