FCPO Daily Commentary For 15th Mar 2010

FCPO May Futures contract traded RM11 lower as compare to previous trading sessions to close at RM2649 with a total of 10,149 lots traded in the market. FCPO manage to recover before end of trading sessions after open lower in the morning sessions as crude oil and soybean oil overnight trading were traded weak.
FCPO price was traded lower to meet support levels at RM2620 region before manage to close at RM2649 region at 50% Fibonacci resistance levels. Technically, FCPO price would expect to traded further lower in the coming trading sessions provided resistance levels at RM2679 and RM2719 and RM2702 were not violated in the coming trading sessions. However, FCPO price next nearest support levels at RM2610 and RM2575 regions.