FCPO Daily Commentary for 31st March 2010

FCPO June Futures contract traded RM25 higher as compare to previous trading sessions to close at RM2545 with a total of 12,139 lots traded in the market. FCPO was trade in wide range as soybean oil and crude oil were traded firm during overnight and electronic trading.
FCPO price manage to reach 161.8% Fibonacci support levels at RM2501 regions after penetrate previous support levels at RM2520 regions before rebound towards 61.8% Fibonacci resistance levels at RM2550 regions. Technically, FCPO price must be overcome resistance level at RM2550 and RM2580 in order to remain in correction phase where next nearest support were seen at RM2463 and RM2500 regions.