FKLI Commentary on 051009

FKLI Oct Futures contract fall 5 points lower to settle at 1204 levels as compare to previous trading session to with a total of 3,509 lots traded in the market. FKLI was manage to recover from losing ground despite most of the regional indices were plunge tremendously during trading sessions take place.

Technically, FKLI manage to rebound 50% of Fibonacci resistance levels at 1205.5 regions. Based on our technical view, our opinion suggests FKLI would trade lower in coming trading sessions provided resistance levels at 1213 and 1220 were not violated during trading sessions. Traders were advice to hold short position in the coming trading sessions while be cautious around support levels at 1200 and 1191 regions.

FCPO Commentary on 051009

CPO 3rd month Dec futures contract plunge RM79 lower as compare to previous trading sessions to close at RM2036 with a total of 5,744 lots traded in the market. CPO price plunge fierce during last trading hour despite not much of inducement from crude oil and soybean oil price movement.

Technically, CPO price traded south once previous support levels at RM2080 fail to hold against the selling pressure during last trading hours. Based on our technical view, our opinion suggests CPO would likely to continue to trade south if support levels at RM2020 and RM2000 were not holding well against the selling pressure. However, traders were advice to hold long position only if support levels were not violated. Resistance levels were seen at RM2070 and RM2100 regions.