FCPO Commentary on 30/06/09

FCPO 3rd month Sept Futures contract fall RM57 lower to close at RM2262 levels as compare to previous trading session with 9,658 lots traded in the market. CPO price was opened lower due to soybean oil and crude oil overnight weak closing but stable latter trading session as electronic trading session stabilizing throughout the trading session.

Technically, CPO price seems manage to break 1st support levels at RM2298 regions and continue traded lower during the trading session. Based on our wave count in the 15 min price chart, we expect CPO price would have a minor rebound in the coming trading session where resistance levels would be expected around RM2283 and RM2307 regions. However, traders were advice to hold short on rebound in the coming trading session while further support levels seen at RM2093 and RM1930 regions.