FCPO Daily Commentary for 30th Apr 2010

FCPO 3rd month July futures contract traded RM16 lower to close at RM2531 levels as compare to previous trading sessions with a total of 9,160 lots traded in the market. FCPO price was consolidating during trading sessions despite crude oil and soybean oil was traded higher during electronic trading.
FCPO price tested support levels at RM2524; 50% Fibonacci support levels, several times before end of trading sessions. Technically, since FCPO price traded stopped at 50% projected figure, FCPO price would affirm to resume riding on bull trend provided trading above resistance levels at RM2540 and RM RM2550 regions. However, it’s crucial in order for support levels at RM2525 and 2500 were not violated in the coming trading session so that FCPO price were not fall into correction phase.