FCPO Daily Commentary 11th Mar 2010

FPO 3rd month May futures contract traded RM35 higher to close at RM2685 levels as compare to previous trading sessions with a total of 7,410 lots traded in the market. FCPO price traded higher during trading sessions as bullish export figure indicated arising demand while soybean oil and crude oil electronic trading were traded higher during trading sessions.
FCPO price opened high at RM2670 but supported at 78.6% Fibonacci support levels at RM2658 regions before FCPO price surge higher to test RM2720 regions. Technically, FCPO seems met support at RM2650, 50% Fibonacci support levels on the larger wave count in the hourly price chart which hint on larger wave 3 counts underway provided support levels at RM2650 and RM2600 were not violated during trading sessions. However, FCPO price must overcome resistance levels at RM2726 and RM2750 regions in order for FCPO to remain intact with bull rally.