FCPO Commentary on 17/12/08

CPO 3rd month Mac futures contract traded RM57 points higher as compare to previous trading sessions to close at RM2587 with a total of 9,100 lots traded in the market. CPO price were traded strong as soybean oil and crude oil were traded firm during electronic trading sessions.

CPO price surge higher after manage to penetrate RM2540 in morning sessions but
held slower in effort to penetrate 2nd resistance levels at RM2590 regions. CPO price seems flirt with 78.6% Fibonacci resistance levels at RM2582 regions for several attempts to break lower but failed in the attempt to accomplish it. Technically, CPO price would affirm further to trade higher in the coming trading sessions provided support levels at RM2570 and RM2510 were not violated in order for Bull trend remain intact. CPO price would expect to encounter great selling pressure around resistance levels at RM2628 and RM2651
regions.