FCPO Daily Commentary for 14th Apr 2010

FCPO 3rd month June futures contract traded RM1 lower to close at RM2534 levels as compare to previous trading sessions with a total of 7,032 lots traded in the market. FCPO price was traded sideways despite crude oil and soybean oil overnight trading and electronic trading were traded weak.
FCPO price traded below previous support levels at RM2520, 78.6% Fibonacci support levels before rebound higher towards RM2540 regions. Technically, FCPO price traded sideways within RM2600 and RM2500 range formed a round bottom as shown in the hourly price chart with parabolic arc drawing. However, FCPO price would trigger some bullish activity once traded price above resistance levels at RM2560 and RM2606 regions while bearish market if support levels at RM2520 and RM2500 regions fails to hold against the selling pressure.