FCPO Daily Commentary For 23rd Mar 2010

FCPO June Futures contract traded RM5 lower as compare to previous trading sessions to close at RM2572 with a total of 7,245 lots traded in the market. FCPO price was traded sideways towards north during trading sessions as soybean oil and crude oil were traded with contradicting direction while export figure show unfavorable demand on CPO supply.
FCPO price penetrate resistance levels at RM2580 levels while trading within uptrend channel which form a flag formation in the hourly price chart. Technically, FCPO price would trigger sell signal provided support levels at RM2566 and RM2541 were violated in the coming trading sessions. However, FCPO price would trigger short term buying interest provided resistance levels at RM2602 and RM2620 fail to resistance the upwards trading.