Thursday, September 3, 2009

FCPO Commentary on 04/09/09

CPO 3rd month Nov futures contract fall RM27 as compare to previous trading sessions to close at RM2218 with a total of 7,323 lots traded in the market. CPO price was traded sideways in most of the trading hours as soybean oil and crude oil were not traded actively during electronic trading sessions.

Technically, CPO price seems fail to break 23.6% Fibonacci retrace levels at RM2256 regions. Based on our technical view, our opinion suggests CPO price riding on the bear rally in the coming trading session provided resistance levels at RM2235 and RM2256 were not violated during trading session. Traders were advice to hold short position in the coming trading session while be cautious around support levels at RM2200 and RM2176 regions.