FCPO Daily Commentary for 6th Apr 2010

FCPO 3rd month June futures contract traded RM29 lower to close at RM2530 levels as compare to previous trading sessions with a total of 10,422 lots traded in the market. FCPO price traded lower despite crude oil and soybean oil were traded higher during electronic trading during trading sessions.
FCPO price reached 38.2% and 123.6% Fibonacci resistance levels at RM2584 regions since open for trading before plunge lower towards support levels at RM2530 regions. Technically, FCPO price seems complete wave 4 at RM2584 regions before wave 5 proceed trading south in the coming trading sessions. FCPO price wave 5 count provided resistance levels at RM2552 and RM2566; both were 38.1% and 61.8% Fibonacci were not violated in the coming trading sessions. Support levels were seen at RM2530 and RM2500 regions.