FCPO Daily Commentary For 8th Mar 2010

FCPO May Futures contract traded marginally RM4 lower as compare to previous trading sessions to close at RM2670 with a total of 9,147 lots traded in the market. FCPO price traded lower after long consolidate before plunge lower despite crude oil and soybean oil traded higher during trading sessions.
FCPO price challenged psychology resistance levels at RM2700 regions but attempt was failed hence lead further retrace towards support levels at RM2670 regions, 38.1% Fibonacci support levels. Technically, FCPO price expected to rally upwards provided support levels at RM2620 and RM2596 were not violated during trading sessions. However, FCPO price were expected to encounter RM2726 regions and RM2750 regions as minor wave count show great selling pressure around 50% and 61.8% Fibonacci resistance levels.