FCPO Daily Commentary For 8th Feb 2010

FCPO April Futures contract traded RM11 higher as compare to previous trading sessions to close at RM2521 with a total of 8,990 lots traded in the market. FCPO was opened lower for trading but manage to surge higher before end of trading session despite soybean oil and crude oil were not provide any advantage leverage factor to drive FCPO price to trade higher during trading sessions.
FCPO price manage to reach objective price at RM2520 regions, 23.6%, 138.1% and 50% Fibonacci resistance levels after several attempt to penetrate support regions failed during trading sessions. Technically, CPO price undergoing critical phase as indicator shows signal of weakness as the latest rally where great selling pressure were anticipated around RM2520 and RM2535 regions. However, great buying interest would come in place provided resistance fails to hold against the buying activities. Support levels were seen at RM2494 and RM2464 regions.