FCPO Daily Commentary for 15th May 2010

FCPO July Futures contract traded RM35 lower as compare to previous trading sessions to close at RM2472 with a total of 7,422 lots traded in the market. FCPO price trade lower after tracking closely with soybean oil and crude oil electronic trading were traded lower during trading sessions.
FCPO price seem temporary holding above RM2482; previous 78.6% Fibonacci support, before price crash below previous support levels at RM2481 regions after attempt to trade above resistance levels at RM2516 failed. Technically, with penetration of 1st critical support levels at RM2482 regions, FCPO price would encounter further selling pressure in the coming trading sessions provided resistance levels at RM2494 and RM2516 were not violated in the coming trading sessions. FCPO price next nearest support levels were seen at RM2455 and RM2441 regions.