FCPO Daily Commentary for 13th Apr 2010

FCPO June Futures contract traded RM59 lower as compare to previous trading sessions to close at RM2535 with a total of 7,617 lots traded in the market. FCPO price opened lower as last Friday settlement was set too while export figure shows another opinion on CPO demand.
FCPO price was traded lower near to 78.6% Fibonacci support levels at RM2518 regions after last week settlement at RM2594 regions. Technically, FCPO price would suggest sideways trading or possible reverse uptrend since previous resistance level at RM2555 and RM2580 were overshadowing by last week settlement, unless it’s consider as a false break, while support levels seen at RM2518 and RM2495 regions. FCPO price critical resistance levels were seen at RM2571 and RM2606.