FKLI Commentary on 16/02/09

FKLI February futures contract surge 30 points higher to close 910.5 as compare to previous trading session with total 6701 lots traded in the market. FKLI was traded higher during the entire trading session despite not much movement for regional indices.

Technically, FKLI complete the falling wedge formation after break the resistance levels at 888 regions. We expect FKLI would continue to surge higher in the coming trading after mild correction after yesterday strong bust up. Traders were advice to hold long position in the coming trading session while be cautious around the resistance levels at 914 to 927 regions. Supports were seen at 896 and 880 regions.

FCPO Commentary on 16/02/09

FCPO 3rd month April Futures contract surge RM67 higher to close at RM1995 as compare to previous trading session with 8516 lots traded in the market. CPO price was traded higher during trading session due to strong soybean oil and crude oil electronic trading.

Technically, CPO price confirmed falling wedge formation after manage to breach the resistance levels at RM1938 and RM1960 region. We expect CPO price would trade higher in the coming trading session provided if support levels at RM1910 and RM1720 were not violated. Traders were advice to long position in the coming trading session while being cautious around resistance levels at RM2003 and RM2060 regions.