FCPO Daily Commentary For 5th Feb 2010

CPO 3rd month Apr futures contract traded RM12 higher to close at RM2510 levels as compare to previous trading sessions with a total of 10,318 lots traded in the market. CPO price traded higher despite opened lower upon open for trading despite crude oil and soybean oil electronic trading were traded mix during electronic trading while plunge lower during overnight trading.
CPO price traded higher during trading session after manage to complete wave 4 count at RM2472 regions; 38.1% Fibonacci support levels but buying activity put on halt at RM2520 regions, 38.1% Fibonacci resistance levels range from RM2726 and RM2393. Technically, FCPO price temporary on halt as attempt to penetrate resistance levels at RM2520 failed during trading sessions. However, there still yet signal to affirm CPO price would reverse trading lower in the coming trading session as support levels at RM2494 and RM2475 has yet violated during the trading sessions. Resistance levels were seen at RM2535 and RM2565 regions.