FCPO Daily Commentary 19th Mar 2010

FCPO 3rd month June futures contract traded RM60 lower to close at RM2535 levels as compare to previous trading sessions with a total of 11,885 lots traded in the market. FCPO price plunge lower as soybean oil and crude oil were traded lower during despite were closed firm during overnight trading.
FCPO price plunge lower after manage to break down lower from consolidation price range from RM2595 and RM2587 since open for trading sessions. Technically, FCPO price complete its wave 5 count at RM2530 regions; 61.8%, 50% and 223.6% Fibonacci support levels in the hourly price chart. FCPO price would expect to encounter some support levels around RM2530 and RM2476 regions while resistance levels atRM2650 and RM2600 in order for correction to remain intact.