FCPO Daily Commentary for 16th Apr 2010

FCPO June Futures contract traded RM8 lower as compare to previous trading sessions to close at RM2520 with a total of 5,569 lots traded in the market. FCPO price was mainly trading within tight range from RM2515 to RM2530 regions as contradicting fundamentals support difference market direction during trading sessions; soybean oil and crude oil were traded higher while ITS and SGS figure shows lack of demand on CPO production.
FCPO price penetrate support trend line in the hourly price chart at RM2524 region before market manage to rebound 38.1% Fibonacci resistance levels at RM2530 regions. Technically, FCPO price trading was yet to reveal any trending trading as it’s still trading within range from RM2500 to RM2550 regions. However, FCPO price would anticipate into greater price movement provided traded price manage to penetrate support levels at RM2500 and RM2483 regions while resistance levels were seen at RM2535 and RM2557 regions.