Daily Market Commentary for FKLI & FCPO 27th Apr 2010

FCPO July Futures contract traded RM20 higher as compare to previous trading sessions to close at RM2560 with a total of 8,411 lots traded in the market. FCPO price were traded higher as soybean oil and crude oil were traded higher during electronic trading despite weak export figure was released during trading sessions.
FCPO price continue to trade higher after penetrate previous high level at RM2540 before manage attempt to test resistance levels at RM2564 regions; 78.6% Fibonacci resistance levels. Technically, FCPO price seems strong trading upwards without any sign of reversal towards the south where support levels were seen at RM2540 and RM2500 regions. However, FCPO price would anticipate great selling activity around resistance levels at RM2594 and RM2618 regions.