FCPO Commentary 24/11/08

FCPO February futures contract retrace marginally RM8 lower compare to previous trading session and close at RM1460 with a total 7721 lots traded in the market.

CPO was again opened lower as crude oil and soybean oil was traded lower during overnight trading session. Technically, CPO price seem bottomed around RM1380 levels despite support levels RM1400 being challenge during morning trading session and manage to forms Doji in the weekly chart. Traders were advice to hold long position ONLY if resistance levels at RM1493 and RM1550 were being violated. Supports were seen at RM1440 and RM1380 region.