FCPO Commentary on 15/01/10

CPO 3rd month Mac futures contract traded RM20 points higher as compare to previous trading sessions to close at RM2530 with a total of 13,429 lots traded in the market. CPO price manage to trade higher during trading sessions as crude oil and soybean oil were trade firm during overnight and electronic trading.

CPO price manage to retrace 50% Fibonacci support levels at RM2505 regions after traded higher since open for trading in the morning sessions. CPO hourly price chart shows another significant increase of volume on the 2nd lower bottom due to attempt the test support at RM2500 regions. Technically, CPO price would resume on bull trend with condition that support levels at RM2494 and RM2482 were not violated during the trading sessions. However, CPO price would expect to encounter some selling pressure around resistance levels at RM2585 and RM2611 regions.