FCPO Commentary on 21/11/08

FCPO February futures contract retrace marginally RM12 lower compare to previous trading session and close at RM1468 with a total 6566 lots traded in the market.

CPO plunge during 1st trading session due crude oil and soybean oil weak overnight closing but later starts to surge up despite crude oil continues on the bear rally. Technically, CPO was again seems support above RM1435; 61.8% Fibonacci retracement levels from RM1400 to RM1493 range. Traders were advice to continue holding long position in the coming trading session as we expecting strong rebound comes ahead RM1789 region provided support levels at RM1400 and RM1435 were not violated. Nearer resistance levels were seen at RM1480 and RM1530 region