FCPO Daily Commentary For 23th Feb 2010

CPO 3rd month May futures contract traded RM35 higher to close at RM2631 levels as compare to previous trading sessions with a total of 6,557 lots traded in the market. CPO price traded higher as soybean oil and crude oil were traded higher during overnight and electronic trading during trading sessions to stay on par as edible oil and bio diesel product.
CPO price open higher but traded sideways towards upside to reach resistance levels at 61.8% Fibonacci resistance levels at RM2631 after meet objective at RM2638 at 378.6% Fibonacci objective levels. Technically, CPO price seems performing minor correction phase where we anticipate support levels seen at RM2610 and RM2582 levels. However, CPO price still view riding on rebound wave where next objective price seen at RM2655 regions while next nearest resistance levels seen at RM2726 regions.