FCPO Daily Commentary For 28th Jan 2010

FCPO April Futures contract traded RM22 higher as compare to previous trading sessions to close at RM2429 with a total of 13,892 lots traded in the market. CPO price was traded wild during trading sessions after search for high and low during trading sessions as soybean oil and crude oil traded weak during electronic trading while firm on overnight trading.
FCPO price manage to penetrate previous low levels at RM2407 while searched new low at RM2393 regions. Technically, CPO price seems traded on weak side after attempt to search for lower support during trading sessions. CPO would remain bearish on short term trading provided resistance levels at RM2445 and RM2490 regions were not violated during trading sessions while support level remain at RM2410 and RM2358 regions, both were 50% and 61.8% Fibonacci support levels. Breach of resistance levels at RM2445 and RM2490 shall indicates further buying interest as CPO price seems highly possible to reverse towards upside to resume previous uptrend on long term trading.