FCPO Daily Commentary for 10th May 2010

FCPO July Futures contract traded RM4 lower as compare to previous trading sessions to close at RM2519 with a total of 9,974 lots traded in the market. FCPO price was traded higher since open for trading despite trading weak in the earlier sessions as crude oil and soybean oil were traded weak during overnight trading.
FCPO price retest support levels at RM2482; 78.6% Fibonacci support levels, despite attempt manage to only reach RM2484 levels with 123.6% and 138.2% Fibonacci support levels. Technically, FCPO seems temporary support above RM2480 and RM2455 support regions. Failure to hold trading price above support levels shall indicates further selling pressure. However, FCPO trading price would preferable trading above resistance levels RM2525 and RM2564 in order to further affirm on uptrend formation in the hourly and daily price chart.