FCPO Daily Commentary for 9th Apr 2010

FCPO 3rd month June futures contract traded RM39 lower to close at RM2500 levels as compare to previous trading sessions with a total of 11,188 lots traded in the market. FCPO price was traded lower during trading sessions as crude oil and soybean oil were traded lower during electronic trading session.
FCPO price rebounded 61.8% Fibonacci resistance level at RM2553 regions before start to plunge lower during trading sessions towards psychology lower at RM2500 regions. Technically, FCPO price affirm riding on minor wave 3 towards south next support levels were anticipated around RM2464 and RM2443; 100% and 123.6% Fibonacci support levels. However, FCPO price would encounter some degree of selling pressure around RM2520 and RM2530 regions in the case presume FCPO price rebound in the coming trading sessions.