FCPO Commentary on 25/06/09

FCPO 3rd month Sept Futures contract fall RM36 higher to close at RM2250 levels as compare to previous trading session with 8,111 lots traded in the market. CPO price traded sideways throughout entire trading session after heavy rebound from previous trading session.

Technically, CPO price seems temporary support above RM2230 support levels at 50% Fibonacci rebound levels. Based on our technical interpretation of CPO price chart, we suggest CPO price might be trading lower in the coming trading session provided resistance levels at 38.1% and 61.8% Fibonacci levels, RM2290 and RM2377 were not violated in the coming trading session. Traders were advice to hold short position in the coming trading session while be cautious around support levels RM2230 and RM2194 regions.