FCPO Daily Commentary For 22nd Mar 2010

FCPO June Futures contract traded RM42 higher as compare to previous trading sessions to close at RM2575 with a total of 8,911 lots traded in the market. FCPO price was traded lagged as it traded lower during 1st trading sessions before surge higher during 2nd trading sessions despite soybean oil and crude oil were traded firm during overnight trading while traded lower during electronic trading.
FCPO price rebound sharply after failed to penetrate 123.6% Fibonacci support levels at RM2550 regions before manage to reach new high at RM2580 regions. Technically, FCPO price seems trading within downtrend channel line that appear in the hourly price chart provided traded price must not penetrate resistance levels at RM2584 and RM2600 regions. Failure to trade below the resistance levels shall indicates strong rebound in the coming trading sessions while support levels at RM2550 and RM2530 shall trigger same message once failure to overcome the selling pressure.