FCPO Daily Commentary For 9th Feb 2010

FCPO April Futures contract traded RM29 higher as compare to previous trading sessions to close at RM2550 with a total of 7,550 lots traded in the market. FCPO was opened and traded higher during trading sessions as soybean oil and crude oil were trade very encouraging despite overnight settlement shows possibilities to trade south as crude oil were plunge during overnight trading.
FCPO price manage to reach next objective price at RM2559 resistance levels, 50%, 178.6% and 100% Fibonacci levels after open above previous resistance levels at RM2520 regions. Technically, FCPO price would expect to encounter great selling pressure around Fibonacci strong cluster formation around RM2655 regions; 78.6% Fibonacci levels, in the coming trading sessions provided support levels at RM2500 and RM2464 regions were not violated during trading sessions. Next nearest resistance levels were seen at RM2600 and RM2655; 61.8% and 78.6% Fibonacci resistance levels