FCPO Daily Commentary 3rd Mar 2010

FPO 3rd month May futures contract traded RM18 lower to close at RM2612 levels as compare to previous trading sessions with a total of 7,057 lots traded in the market. FCPO price traded lower during trading sessions as crude oil and soybean oil were traded lower during overnight and electronic trading sessions.
FCPO price opened at RM2635 levels; 78.6% Fibonacci resistance level before plunge lower to support levels at RM2600 regions. Technically, FCPO price encounter some buying interest around support levels at RM2600 regions; 78.6% Fibonacci support levels despite we anticipate wave count 2 met objective price at RM2632 regions. FCPO price remain count on downtrend on medium term provided resistance levels at RM2630 and RM2645 were not violated in the coming trading sessions. However, FCPO price would anticipate certain buying interest around support levels at RM2600 and RM2580 regions.