FKLI Commentary on 27/04/09

FKLI April futures contract surge 10.5 point higher to close at 997 as compare to previous trading session with total 8076 lots traded in the market. FKLI was traded upwards despite most of the regional indices and Dow John electronic were traded weak in the morning trading session.

Technically, FKLI was traded within a uptrend channel as shown in the 15 min price chart. We expect FKLI currently riding on wave 3 bull rally but it’s near to tail end as 223.6% and 238.1% Fibonacci projected resistance seen at 1001 and 1011 levels. Traders were advice to take profit in the coming trading session as FKLI might undergo some correction before to go up further. Support levels were seen at 990 and 982 levels.

FCPO Commentary on 27/04/09

FCPO 3rd month July Futures contract rise marginally RM5 higher to close at RM2585 as compare to previous trading session with 13,981 lots traded in the market. CPO price was traded higher during trading session as crude oil and soybean oil electronic trading were traded strong which lead domino effect on CPO price trading.

Technically, CPO surge higher after consolidate around RM2540 and RM2560 range in the morning trading session but encounter great selling pressure around 138.1% Fibonacci projection at RM2633 regions. We expect CPO price still riding on the bull trend provided support levels at RM2535 and RM2322 were not violated during trading session. Traders were advice to hold long position around the support levels while be extra alert around resistance levels at RM 2632 and RM2708 regions.