FCPO Daily Commentary for 7th Apr 2010

FCPO 3rd month June futures contract traded RM10 lower to close at RM2520 levels as compare to previous trading sessions with a total of 11,697 lots traded in the market. FCPO price continue to trade lower during trading sessions despite crude oil and soybean oil surge during overnight trading sessions.
FCPO price false break below RM2500 support levels but recovered swiftly during trading sessions. Technically, FCPO price seems temporary supported provided support levels RM2500 and RM2480 were not violated during trading sessions. However, FCPO price seems temporary oversold in 5 min price chart where resistance levels seen at RM2532 and RM2542 regions.