FCPO Daily Commentary For 26th Mar 2010

FCPO June Futures contract traded RM15 higher as compare to previous trading sessions to close at RM2575 with a total of 7,328 lots traded in the market. FCPO price higher during trading session as crude oil and soybean oil were traded higher during electronic trading despite were traded weak during overnight trading.
FCPO price seems holding above support levels at RM2554; 61.8% Fibonacci support levels despite few attempts to penetrate resistance levels at RM2600 failed. Technically, FCPO price seem temporary holding above support levels at RM2554 and RM2540 regions while attempt to penetrate resistance levels at RM2600 in order test next nearest resistance levels at RM2616 and RM2645 region; both 61.8% and 78.6% Fibonacci resistance levels.