FCPO Daily Commentary 18th Mar 2010

FCPO 3rd month June futures contract traded RM26 higher to close at RM2595 levels as compare to previous trading sessions with a total of 8,890 lots traded in the market. FCPO price consolidate around high side during trading sessions as crude oil and soybean oil were trade firm during overnight and electronic trading.
FCPO price opened higher but consolidate around RM2600 and RM2590 regions during trading sessions. Technically, FCPO price view as form complex formation above 38.1% Fibonacci support levels at RM2587 regions before completion of wave C. However, FCPO price would anticipate to further correction towards south provided resistance levels at RM2606 and RM2624 were not violated in the coming trading sessions. Support levels were seen at RM2568 and RM2545 regions.