FCPO Commentary on 191009

CPO 3rd month Dec futures contract surge RM67 higher as compare to previous trading sessions to close at RM2178 with a total of 12,068 lots traded in the market. CPO price was mainly traded sideways during most of the trading sessions but manage to surge up later before market was closed for trading.

Technically, CPO price surge higher after manage to retrace 50% Fibonacci support at RM2140 regions. Based on our technical view, our opinion suggests FKLI would likely to trade higher in the coming trading session provided support levels at RM2140 and RM2128 were not violated. Traders were advice to long position provided support levels were not violated during trading sessions while be cautious around resistance levels at RM2180 and RM2200 regions.