FCPO Commentary on 31/12/09

CPO 3rd month Mac futures contract traded RM5 points higher as compare to previous trading sessions to close at RM2595 with a total of 4,265 lots traded in the market. CPO price traded sideways during trading sessions as contradicting lead from soybean oil and crud oil trading direction were not compliment with each other.

CPO price seems tested support levels at RM2582 twice but failed to penetrate successfully below the support levels; hence, CPO price was trade sideways within range from RM2582 to RM2600 regions. Technically, CPO price seems resisted to rebound higher above 50% Fibonacci resistance levels at RM2607 regions range from RM2632 to RM2582. CPO price would seen remain in correction phase provided resistance levels at RM2610 and RM2632 were not violated during trading sessions. Support levels were seen at RM 2557 and RM2481 regions.