FCPOI Daily Commentary for 2nd Apr 2010

FCPO 3rd month June futures contract traded RM13 lower to close at RM2543 levels as compare to previous trading sessions with a total of 12,361 lots traded in the market. FCPO price was traded within tight range despite crude oil and soybean oil both were traded firm during trading sessions.
FCPO price were traded sideways near ending after found support around RM2530 level and rebound towards 61.8% Fibonacci resistance levels at RM2550 regions. Technically, FCPO price would anticipate further selling pressure provided support levels at RM2530 and RM2515 regions fails to hold against the selling pressure. However, FCPO traded price must not be trading above resistance levels at RM2562 and RM2580 regions in order for correction phase to remain intact.