FCPO Commentary on 05/05/09

FCPO 3rd month July Futures contract surge RM107 higher to close at RM2702 as compare to previous trading session with 19,894 lots traded in the market. Heavy profit taking activities come in place as CPO price fails to reach RM2800 psychology levels.

Technically, CPO price seems topped around 478.6% Fibonacci projection levels at RM2783 regions. We expect heavy profit taking activities would come in place after CPO price fails to breach 478.6% resistance levels at RM 2783 regions. Traders were advice to hold short position in the coming trading session as immediate support seen at RM 2581 and RM2450; 23.6% and 38.1% Fibonacci figure in order to cover the trading gap. Resistances were seen at RM2750 and RM2780 regions.

FKLI Commentary on 05/05/09

FKLI April futures contract rose 18.5 point higher to close at 1012.5 as compare to previous trading session with total 11,081 lots traded in the market. FKLI was traded during the trading session as regional indices such as Singapore and Hang Seng Index surge up during trading session.

Technically, FKLI seems met its projection figure at 250% Fibonacci figure at 1018.5 regions. We expect FKLI would retrace in the coming trading session with immediate supports seen at 1000 and 981 regions. Traders were advice to hold short position in the coming trading session while be cautious around resistance levels at 1018.5 and 1025 regions.