FCPO Daily Commentary For 12th Mar 2010

FCPO May Futures contract traded RM25 lower as compare to previous trading sessions to close at RM2650 with a total of 10,826 lots traded in the market. FCPO price traded lower despite opened slightly higher as crude oil and soybean oil was trade firm during overnight trading but weak during electronic trading.
FCPO price was mainly trading within range from RM2700 to RM2654 regions during trading sessions despite huge price movement for soybean oil and crude oil trading. , FCPO price seems manage to rebound 38.1% Fibonacci resistance levels at RM2673 regions and manage to test support levels at RM2650 regions few minutes before FCPO closed for trading. Technically, FCPO price seems possible riding on wave C trading south where next nearest support levels were seen at RM2632 and RM2607 region; both at 61.8% and 78.6% Fibonacci support levels. However, FCPO price must violate resistance levels at RM2678 and RM2726 in order for correction wave to remain intact firm.