FCPO Commentary on 240809

CPO 3rd month Nov futures contract close RM44 higher as compare to previous trading sessions to close at RM2345 with a total of 13,092 lots traded in the market. Wild trading days for CPO price trading judge based on the magnitude of the price traded despite not much of price movement from crude oil and soybean oil electronic trading.

Technically, CPO manage to reach strong support at RM2242 level; 50% Fibonacci retrace levels and rebound strong to 38.1% Fibonacci rebound level at RM2340 regions. Based on our technical observations, it’s very likely uptrend was formed for CPO price trading with support levels at RM2242 must not be violated. However, traders were advice to hold long position on pull back as CPO price seen as overbought for short term trading with resistance levels at RM2380 and RM2460 levels.