FCPO Daily Commentary for 22nd Apr 2010

FCPO July Futures contract traded RM27 lower as compare to previous trading sessions to close at RM2471 with a total of 8,058 lots traded in the market. FCPO price were traded lower despite soybean oil and crude oil were traded higher during overnight and electronic trading. FCPO price traded lower mostly is due to strengthen on Ringgit against Dollar which directly effect FCPO demand.
FCPO price manage to rebound up to RM2500 levels at 61.8% Fibonacci resistance levels before start to plunge south during trading sessions. Technically, FCPO price seems likely to underway wave 5 count south where nearest support levels were seen at RM2450 and RM2520 regions; both are 50% and 78.6% Fibonacci support levels, while resistance levels were seen at RM2500 and RM2525 regions.