FCPO Daily Market Commentary On 060110

CPO 3rd month Mac futures contract traded marginally RM2 points higher as compare to previous trading sessions to close at RM2682 with a total of 7,651 lots traded in the market. CPO price seems traded sideways to search for firm support and resistance within range despite crude oil and soybean oil were traded firm during overnight sessions.
CPO price manage to meet 78.6% Fibonacci resistance levels at RM2700 regions and traded lower after fail in attempt to penetrate resistance levels at RM2700 regions. Technically, CPO price seems break down from at rising wedge in the 15min price chart but seems temporary supported above intraday low during trading sessions. CPO price would anticipate further correction in the coming trading sessions provided resistance levels at RM2700 and RM2732 were not violated in any attempt to break higher. However, CPO price will remain intact with bull rally with condition support levels at RM2592 and RM2482 were not violated during trading sessions.