FCPO Daily Commentary for 12th May 2010

FCPO 3rd month July futures contract traded RM24 lower to close at RM2505 levels as compare to previous trading sessions with a total of 7,539 lots traded in the market. FCPO price was mainly traded lower during trading sessions as crude oil and soybean oil were traded lower during electronic trading.
FCPO price attempt to search for firm support during trading sessions which directly lead to low at RM2496; 78.6% Fibonacci support levels. Technically, FCPO price would seems finish correction phase provided support levels at RM2482 and RM2455 were not violated in the coming trading sessions. However, in order for FCPO trading to be more affirming riding on uptrend, traded price would preferably trading above resistance levels at RM2525 and RM2546 regions.