FCPO Daily Commentary for 5th Apr 2010

FCPO June Futures contract traded RM16 higher as compare to previous trading sessions to close at RM2559 with a total of 4,092 lots traded in the market. FCPO price were trade mainly within range despite strong movement from soybean oil and crude oil overnight trading.
FCPO price were traded sideways within range from RM2550 and RM2565 regions. Technically, FCPO price attempted to test resistance levels at RM2580; 78.6% Fibonacci resistance levels, in the coming trading sessions. Failure to hold FCPO price below RM2580 and RM2606 regions shall indicates bullish sentiment in the coming trading sessions. However, failure to hold above support levels at RM2550 and RM2530 shall indicate further correction in FCPO trading.