FCPO Daily Commentary For 12th Jan 2010

CPO 3rd month Mac futures contract traded RM41 points lower as compare to previous trading sessions to close at RM2585 with a total of 13,724 lots traded in the market. CPO price plunge lower after mild rebounds due to news release on CPO MPOB figure which favorable towards bearish direction.
CPO price plunge lower after manage to rebound 38.1% Fibonacci resistance levels at RM2641 regions before plunge lower towards 61.8% Fibonacci support levels at RM2575 regions. Technically, CPO price seems temporary bottomed provided support levels at RM2575 and RM2543; both were 61.8% and 78.6% Fibonacci support levels, were not violated in the coming trading sessions. However, CPO price would only indicate further buying interest if CPO price manage to penetrate above resistance levels at RM2650 and RM2700 regions.