FCPO Commentary on 29/09/09

CPO 3rd month Dec futures contract plunge RM83 lower as compare to previous trading sessions to close at RM2103 with a total of 13,079 lots traded in the market. CPO price were traded weak during trading session as crude oil and soybean oil electronic trading were traded lower during trading sessions.
Technically, CPO price were traded within a downtrend channel since open for trading.

CPO price manage to break up from up from the downwards channel. Based on our technical view, we notice CPO price still seems supporting above 78.6% Fibonacci retrace levels at RM2083 region in the daily chart. Our opinion suggests CPO price would trade lower in the coming trading session provided support levels at RM2095 and RM2070 were not violated during trading sessions. Traders were advice to hold long position in the coming trading session while be alert around resistance levels at RM2140 and RM2188 regions.