FCPO Commentary on 11/11/09

CPO 3rd month Jan futures contract traded RM24 lower as compare to previous trading sessions to close at RM2242 with a total of 7,372 lots traded in the market. CPO price was traded choppy during trading hours due soybean oil and crude oil electronic trading were mix with overnight closing.

Technically, CPO complete minor wave count at 2285 regions; 150% Fibonacci resistance level and rest on 61.8% Fibonacci support levels at RM2241 regions. Based on our technical view, our opinion suggests CPO price would trade higher in the coming trading session provided support levels RM2230 and RM2215 were not violated during trading sessions. Traders were advice to hold long position during trading sessions while be cautious around resistance levels at RM2270 and RM2330 regions.