FCPO Daily Commentary For 4th Feb 2010

FCPO April Futures contract surge RM46 higher as compare to previous trading sessions to close at RM2498 with a total of 13,357 lots traded in the market. FCPO price were opened and traded higher during trading sessions as soybean oil and crude oil overnight trading and electronic trading were traded firm during trading hours.
FCPO price manage to penetrate and hold above previous high levels at RM2364 and RM2475 regions during trading sessions while manage to meet 138.1% Fibonacci resistance levels at RM2501 regions before sessions was closed for trading. Technically, FCPO price seems bullish on short term time frame after manage to break up above consolidation range from RM2400 to RM2490 regions provided support levels at RM2464 and RM2427 were not violated during trading session. However, FCPO price might encounter some degree of selling pressure around resistance levels at RM2520 and RM2535 regions.