FCPO Daily Commentary for 26th Apr 2010

FCPO July Futures contract traded RM50 higher as compare to previous trading sessions to close at RM2540 with a total of 8,392 lots traded in the market. FCPO price were traded higher during trading sessions as soybean oil and crude oil were traded higher during overnight and electronic trading.
FCPO price penetrate previous resistance levels at RM2500 and RM2525 region and settle at RM2540; 61.8% Fibonacci resistance level from RM2594 to RM2455. Technically, FCPO price seems reverse towards upside since traded price manage to hold above RM2500 regions. However, FCPO price would further affirm bullish provided FCPO price manage to penetrate resistance trend line in the hourly chart at RM2540 and RM2564; both are 61.8% and 78.6% Fibonacci resistance levels. Support levels were seen at RM2500 and RM2455.