FCPO Daily Commentary for 21st Apr 2010

FCPO 3rd month July futures contract traded RM28 higher to close at RM2498 levels as compare to previous trading sessions with a total of 9,949 lots traded in the market. FCPO price traded higher as soybean oil and crude oil electronic trading were traded higher despite commodity price were trade lower during overnight trading.
FCPO price were traded higher to meet 61.8% Fibonacci resistance levels at RM2499 regions after pull back and well support above support levels at RM2462; 78.6% Fibonacci support levels. Technically, FCPO price seems executing rebound wave 4 where resistance levels seen at RM2500 and RM2525 regions must not be violated in the coming trading sessions. However, FCPO price would expect trading south riding on wave 5 where nearest support levels seen at RM2480 and RM2460 regions.