FCPO Daily Commentary For 1st Mar 2010

FCPO May Futures contract traded RM5 higher as compare to previous trading sessions to close at RM2595 with a total of 9,577 lots traded in the market. FCPO price was trade sideways during trading sessions as crude oil and soybean oil were traded without major direction during trading sessions.
FCPO price continue to test lower support levels at RM2583 regions; 100% and 123.6% Fibonacci support levels in the 5 min price chart before manage to break up above the resistance trend line at RM2590 regions. Technically, FCPO price seems would rebound higher in the coming trading sessions provided support levels at RM2582 and RM2572 regions where not violated during trading sessions as FCPO price traded above the falling wedge trend line the 5min chart. However, FCPO price still seen bearish on longer trading term provided resistance levels at RM2636 and RM2663 were not violated in the coming trading sessions.