FCPO 240909

CPO 3rd month Dec futures contract traded fall RM44 lower as compare to previous trading sessions to close at RM2146 with a total of 7,123 lots traded in the market. CPO price were traded lower in the coming trading session despite crude oil and soybean oil electronic trading were not plunge during trading sessions.

Technically, CPO price were traded lower after manage to rebound 38.1% Fibonacci rebound levels at RM2188 region in the morning trading sessions. Based on our technical view, our opinion suggests CPO would remain intact with bull trend as long as support levels at RM2132 and RM2110; both 61.8% and 78.6% Fibonacci retrace levels were not violated in the coming trading sessions. Traders were advice to hold long position in the coming trading session provided support levels were not violated while be alert around resistance levels at RM2170 and RM2205 regions.