FCPO Daily Commentary 3rd Feb 2010

CPO 3rd month Apr futures contract traded RM7 higher to close at RM2452 levels as compare to previous trading sessions with a total of 7,645 lots traded in the market. CPO price was traded higher after found greater buying interest during trading sessions as some profit taking activity occur during soybean oil electronic trading despite crude oil and soybean oil were traded higher during overnight trading.
CPO price traded higher found support around RM2430 regions, 61.8% Fibonacci support levels, after attempt to penetrate resistance levels at RM2474 failed. Technically, CPO price seems attempted to penetrate 1st resistance trend line around RM2456 regions, 78.6% Fibonacci resistance levels while 2nd resistance level based on parabolic arc seen at RM2490 regions. However, CPO price view as bullish provided support levels at RM2430 and RM2410 were not violated during trading sessions. Resistance levels were seen at RM2490 and RM2530 regions in order to trigger further buying interest towards the high side.