FCPO Commentary on 29/07/09

CPO 3rd month Oct futures contract close RM42 points higher as compare to previous trading session to close at RM2140 with a total of 10,682 lots traded in the coming market. CPO opened and trade firm during trading session despite not much volatility from soybean oil and crude oil electronic performance.

Technically, CPO challenge critical resistance levels at RM2140 regions twice during trading session after break up from previous high levels at RM2134 regions. Based on our technical point of view, our opinion tells CPO showing sign of bullishness and further confirmation if manage to breach resistance level at RM2140 and RM2180. Traders were advice to stay out from the market for further confirmation on the trend directions. Support levels were seen at RM2120 and RM2090 regions.