FCPO Daily Commentary for 23rd Apr 2010

FCPO 3rd month July futures contract traded RM19 higher to close at RM2490 levels as compare to previous trading sessions with a total of 6,999 lots traded in the market. FCPO price were traded higher during trading sessions as crude oil and soybean oil were traded higher during electronic trading sessions despite overnight trading were traded weak.
FCPO price attempt to test resistance levels at RM2500 again before end of trading session after FCPO traded price seems support above support levels at RM2470 regions. Technically, FCPO price was traded in critical zone as attempt to penetrate resistance levels at RM2500 and RM2525 would jeopardize whole bearish structure in the wave count. Resistance levels at RM2510 and RM2525 must not be violated in order for bear trend to remain intact. However, support levels at RM2470 and RM2440 must be penetrate in the coming trading sessions in order for bear trend to remain intact.