FCPO Daily Commentary For 2nd Feb 2010

FCPO April Futures contract traded RM6 lower as compare to previous trading sessions to close at RM2445 with a total of 9,981 lots traded in the market. FCPO price were remain traded within sideways range from RM2400 to RM2490 regions as soybean oil and crude oil electronic trading were traded with uncertain direction during trading sessions.
FCPO price seems holding above support levels at RM2410, 78.6% Fibonacci support levels, after attempt to penetrate resistance levels RM2490 regions at RM2474. Technically, MACD hourly CPO price chart shows buying strength after 2nd Bull Divergence signal for further confirmation at RM2393 regions while 61.8% Fibonacci support levels seen at RM2410 and RM2358 regions. However, based on the rounding bottom formation in the hourly chart, CPO price need to penetrate resistance levels RM2490 and RM2530 regions in order to trigger further buying activities upon break up signal.