FCPO Daily Commentary For 9th Mar 2010

FCPO May Futures contract traded RM39 higher as compare to previous trading sessions to close at RM2709 with a total of 3,942 lots traded in the market. FCPO price traded higher during trading sessions as crude oil and soybean oil were trade firm during overnight and electronic trading as fear of El-Niño affect of CPO production that directly implicate the CPO supply to meet market demand.
FCPO price continue to trade higher territory after supported around RM2670 regions before surge higher to meet resistance levels at RM2726 regions. Technically, FCPO price seems meet temporary wave count at 61.8% and 161.8% Fibonacci objective price at RM2720 regions. FCPO price would expected to retrace lower in the coming trading sessions provided resistance levels at RM2732 and RM2760 were not violated in the coming trading sessions. However, support levels were seen at RM2670 and RM2620 regions.