FCPO Daily Commentary 2nd Mar 2010

CPO 3rd month May futures contract traded RM35 higher to close at RM2630 levels as compare to previous trading sessions with a total of 9,138 lots traded in the market. FCPO price open higher due to crude oil and soybean oil overnight trading and electronic trading stand firm above USD78/barrel and US38 during trading sessions but FCPO price traded sideways since opening due to some profit taking and liquidation position from last week trading.
FCPO price manage to rebound fierce towards 61.8% Fibonacci resistance levels at RM2630 regions after tested twice support levels at RM2620 regions, 50% Fibonacci support levels. Technically, FCPO price seems currently trading on rebound wave count 2 where resistance levels seen at RM2630, RM2644 and RM2662 regions. Failure to resist FCPO price to trade below resistance shall indicates further buying interest while further lead to bullish wave count instead of bearish count in the medium term. However, we anticipate great buying interest around support levels at RM2610 and RM2600 regions