FCPO Commentary on 19/08/09

CPO 3rd month Oct futures contract rebound RM40 points higher as compare to previous trading sessions to close at RM2375 with a total of 8,652 lots traded in the market. CPO price were traded sideways during trading session as lack of market leads after huge movement from previous trading sessions.

Technically, CPO consolidates within range from RM2360 to RM2380 during trading session. Based on our technical interpretation, our opinion suggests CPO price possible to test resistance levels at RM2400 and RM2440 regions. However, traders were advice to hold short position in the coming trading session provided resistance levels were not violated. Support were seen at RM2355 and RM2300.