FCPO Daily Commentary for 29th March 2010

FCPO June Futures contract traded RM41 lower as compare to previous trading sessions to close at RM2534 with a total of 9,524 lots traded in the market. FCPO price traded wild during trading sessions as soybean oil and crude oil were trade firm during electronic trading while overnight trading were traded weak.
FCPO price manage to rebound 61.8% Fibonacci resistance levels at RM2663 regions before plunge lower in the coming trading sessions towards support levels at RM2530 regions. Technically, FCPO price seem continue to search for firm support levels at RM2520 and RM2463, both were 61.8% and 78.6% Fibonacci support levels, before the long term bull trend to resume higher. However, resistance levels were seen at RM2565 and RM2600 regions. Failure to hold FCPO price to trade below the resistance level shall indicates bullish sentiment in the coming trading sessions.