FCPO Daily Commentary For 24th Feb 2010

CPO 3rd month May futures contract traded marginally RM4 higher to close at RM2635 levels as compare to previous trading sessions with a total of 9,708 lots traded in the market. CPO price plunge lower after manage to reach highest at RM2662 regions due to some profit taking activity during trading sessions despite soybean oil and crude oil were traded mix during trading sessions.
CPO price reach projected figure at RM2655 regions at 78.6% Fibonacci resistance level while other projected Fibonacci ratio also met at RM2660 regions. Technically, CPO price seems topped around RM2660 regions provided next resistance levels at RM2660 and RM2726 regions were not violated in the coming trading sessions while we anticipate CPO price would traded lower riding on wave C count in the hourly chart. Next nearest support levels were seen at RM2622 and RM2582 regions.