FKLI Commentary on 01/06/09

FKLI May futures contract rose 16 point higher to close at 1054.5 as compare to previous trading session with total 5,211 lots traded in the market. FKLI was traded higher in 2nd trading session as most of the regional indices were closed after trading session.

Technically, FKLI confirmed retrace 38.1% Fibonacci retrace levels at 1033 region after stopped around support trend line for the rising wedge in the hourly chart. Based on our technical analyst, we expect FKLI would have final blow upwards which resistance seen at 1063 and 1071 region. Traders were advice to taking profit for all long position in the coming trading session and be prepare to hold position provided resistance levels were not violated while critical support seen at 1033.5 and 1026 regions.

FCPO Commentary on 01/06/09

FCPO 3rd month August Futures contract surge RM47 to close at RM2552 levels as compare to previous trading session with 10,326 lots traded in the market. CPO price traded higher in the previous trading session but fall back before market about to close due to some holiday profit taking activities.

Technically, CPO price seems temporary topped around resistance area at RM2575 region; 50% Fibonacci retrace from low at RM2350 levels. Based on our technical studies, our opinion suggest that CPO price might encounter great selling pressure around resistance area at RM2575, RM2627 and RM2702 region. Traders were advice to hold short position on next rebound provided resistance levels were not violated while confirmation of selling pressure when support levels at RM2525 and RM2462 region. Short term support seen at RM2550 and RM2538.