FCPO Daily Commentary for 8th Apr 2010

FCPO 3rd month June futures contract traded RM19 higher to close at RM2539 levels as compare to previous trading sessions with a total of 7,458 lots traded in the market. FCPO price was traded sideways during entire trading sessions despite huge price movement for crude oil and soybean oil were traded higher during overnight and electronic sessions.
FCPO price manage to rebound 50% Fibonacci resistance levels at RM2542 regions but soon consolidate within range from RM2540 to RM2530 regions. Technically, FCPO price would anticipate into great price movement provided support levels at RM2530 and RM2510 failed to hold firm against selling pressure. However, FCPO price must not traded above resistance levels at RM2553 and RM2570 in order for correction phase to remain intact in FCPO trading direction.