FCPO Commentary on 21/05/09

FCPO 3rd month August Futures contract fall RM28 higher to close at RM2602 as compare to previous trading session with 17,682 lots traded in the market. Choppy day for CPO trading session as prices were traded within large range while not much of main direction.

Technically, CPO seems continue to plunge after consolidate below RM2660; 61.8% Fibonacci retrace levels. We suggestion CPO would trade lower in the coming trading session where support seen at RM2555 and RM2488 regions. Traders were advice to hold short position in the coming trading session while be cautious around resistance levels at RM2660 and RM2700 regions.