FCPO Daily Commentary For 10th Mar 2010

FCPO May Futures contract traded RM49 lower as compare to previous trading sessions to close at RM2650 with a total of 6,714 lots traded in the market. FCPO price traded lower just before statement made on Palm Oil Conference held Kuala Lumpur during trading sessions while crude oil and soybean oil were trade lower during electronic trading.
FCPO price plunge lower after manage to rebound 78.6% Fibonacci resistance levels at RM2716 regions. Technically, FCPO price seem complete wave count 5 at 61.8% Fibonacci resistance levels at RM2722 regions and correction phase would expected to take in place in the coming trading sessions where support levels seen at RM2644 and RM2596, both were 23.6% and 38.1% Fibonacci support levels. However, resistance levels at RM2714 and RM2726 must not be violated during trading sessions in order for correction wave to remain intact.