FCPO Daily Commentary for 28th Apr 2010

FCPO 3rd month July futures contract traded RM10 lower to close at RM2550 levels as compare to previous trading sessions with a total of 10,144 lots traded in the market. FCPO price were wild during trading sessions as crude oil and soybean oil electronic trading were traded contradicting with overnight settlement mark which directly lead FCPO trading in wider range.
FCPO price topped at 300% Fibonacci resistance levels at RM2582 regions before plunge lower to find support around RM2540 regions. Technically, FCPO price seems possible to complete 300% Fibonacci projection levels at RM2582 regions before sharp fall in attempt to find support at RM2524 and RM2510 regions; 50% and 61.8% Fibonacci support levels, on minor wave 4 count. However, it’s crucial in order for RM2490 support region not to be violated in the coming trading sessions in order short term uptrend to remain intact. Resistance levels were seen at RM2587 and RM2618; both are 50% and 61.8% Fibonacci resistance levels.