FCPO Daily Commentary For 25th Jan 2010

FCPO April Futures contract traded RM33 lower as compare to previous trading sessions to close at RM2455 with a total of 9,668 lots traded in the market. CPO price was traded volatile during intraday trading sessions as traders intend to take in further position while crude oil and soybean oil electronic trading were traded wild towards both of directions.
FCPO price manage to retrace towards 50% Fibonacci support levels at RM2448 regions before rebound higher towards 78.6% Fibonacci resistance levels at RM2480 regions before formed a symmetric triangle in the hourly and 15minute CPO price chart. Technically, CPO price would further confirm on reverse upwards provided that support levels at RM2434 and RM2400; both are78.6% and 61.8% Fibonacci support levels, were not violated in the coming trading sessions. Any violated of these support levels shall indicate selling activity towards next support levels at RM2357 and RM2288 regions. However, CPO price would further confirm uptrend formation provided resistance levels at RM2490 and RM2512 fails to suppress buying interest during trading session.