FCPO Daily Commentary For 18th Feb 2010

FCPO May Futures contract traded RM48 higher as compare to previous trading sessions to close at RM2628 with a total of 6,409 lots traded in the market. FCPO was opened and traded higher during trading sessions as soybean oil and crude oil were trade higher during overnight trading despite export figure show weakness on demand as compare last month data on the same period.
FCPO price manage to penetrate resistance levels at RM2600 regions; 61.8% Fibonacci resistance levels after manage to found support at RM2546 and RM2562 regions in the hourly price chart. Technically, FCPO price would expect greater selling pressure around resistance levels at RM2655 and RM2726; both 78.6% and 100% Fibonacci resistance levels while projection at 300% and 61.8% Fibonacci levels. However, nearest support seen at RM2606 and RM2562 must be penetrated in order for CPO to reverse towards downtrend in the coming trading sessions.