FCPO Daily Commentary 20th Jan 2010

CPO 3rd month Mac futures contract traded unchanged as compare to previous trading sessions to close at RM2490 with a total of 10,914 lots traded in the market. CPO price was traded volatile during trading sessions as crude oil and soybean oil were traded firm after open electronic trading despite recent sentiment seem weak for CPO price were continue to trade on the upside.
CPO price manage to rebound 78.6% Fibonacci resistance levels at RM2510 regions after manage to penetrate resistance levels at RM2495 regions. Technically, CPO price seems complete rebound wave 4 counts at RM2510 regions at 78.6% Fibonacci resistance levels while wave 5 count on support levels at RM2430 and RM2400 regions; both were 78.6% and 100% Fibonacci support levels. However, CPO price would trigger further buying interest provided resistance levels at RM2530 and RM2570 were violated during trading sessions. Overall, CPO price still seen intact with uptrend on long term basis provided support levels at RM2143 was not violated.