FCPO Commentary on 02/10/09

CPO 3rd month Dec futures contract traded RM10 higher as compare to previous trading sessions to close at RM2115 with a total of 3,870 lots traded in the market. CPO price were trading within tight range again despite crude oil and soybean oil were traded firm during overnight trading sessions.

Technically, CPO price still traded within tight range despite manage to break up from symmetric triangle in the hourly chart. Based on our technical view, our opinion suggests CPO price would likely to trade higher in the coming trading sessions. Traders were advice to hold long position in the coming trading sessions provided support levels at RM2098 and RM2070 must not being violated. Resistance levels were seen at RM2150 and RM2188 regions.