FCPO Daily Commentary 24th Mar 2010

FCPO 3rd month June futures contract traded RM21 higher to close at RM2591 levels as compare to previous trading sessions with a total of 6,978 lots traded in the market. FCPO price attempted to penetrate psychology levels at RM2600 during trading sessions as crude oil and soybean oil were trade firm during overnight trading.
FCPO price plunge lower towards support levels at RM2570 regions after attempt to breach resistance levels at RM2595; 78.6% Fibonacci resistance levels. Technically, FCPO price seems temporary holding above support levels at RM2570 and RM2550 regions while trading within a uptrend channel. FCPO price would resume into correction phase provided support levels fails to hold against the selling pressure while upside trading sees resistance levels at RM2606 and RM2646 regions; both are 50% and 78.6% Fibonacci resistance levels.