FCPO Daily Commentary for 11th May 2010

FCPO 3rd month July futures contract traded RM10 higher to close at RM2529 levels as compare to previous trading sessions with a total of 7,887 lots traded in the market. FCPO price was traded wild during trading sessions as crude oil and soybean oil electronic trading was trading higher while MPOB report shows bullish sentiment.
FCPO price found support at RM2507 regions; 50% Fibonacci support levels, before surge higher in attempt to penetrate resistance trend line in the hourly price chart. Technically, FCPO seems penetrate the hourly resistance trend line but have yet penetrate previous high regions at RM2542 regions. FCPO price was required to overcome resistance levels at RM2542 and RM2564 in order to further affirm bullish sentiment in the coming trading sessions. However, it’s crucial that support levels at RM2480 and RM2455 must not be violated at anytime during trading sessions in order to remain intact with uptrend.