FCPO Commentary on 11/05/09

FCPO 3rd month July Futures contract close marginally RM5 higher at RM2685 as compare to previous trading session with 10,350 lots traded in the market. CPO price was traded sideways during trading session despite of soybean oil and crude oil price wild movement.

Technically, CPO price seem traded sideways in the 5 minute chart and formed at symmetric triangle within RM2670 and RM2720 range. We expect CPO price would break from the triangle formation in the coming trading session. Traders were advice to trade accordingly towards the direction once trading price were break out from the sideways range. Supports were seen at RM2670 and RM2655 while resistance levels were seen at RM2730 and RM2755 regions.