FCPO Daily Commentary for 1st Apr 2010

FCPO June Futures contract traded RM6 higher as compare to previous trading sessions to close at RM2551 with a total of 9,959 lots traded in the market. FCPO was traded higher during trading sessions as crude oil and soybean oil were traded higher during electronic trading sessions.
FCPO price retrace 61.8% Fibonacci support levels at RM2529 regions before manage to search for resistance levels at RM2560 regions at 61.8% Fibonacci support levels. Technically, FCPO price possible to complete rebound phase provided further resistance levels at RM2580 and RM2606 regions were not violated in the coming trading sessions. However, support levels at RM2530 and RM2516 must be violated in the coming trading sessions in order for the down south correction wave to resume.