FCPO Daily Commentary for 18th May 2010

FCPO July Futures contract traded RM32 lower as compare to previous trading sessions to close at RM2425 with a total of 7,210 lots traded in the market. FCPO manage to recover partially as crude oil and soybean oil manage to recover some before end of trading sessions.
FCPO price consolidate within range from RM2405 to RM2420 regions before starts to trade and settle higher before end of trading sessions. Technically, FCPO price would expect further rebound provided support levels at RM2409 and RM2388 were not violated in the coming trading sessions. However, FCPO price would anticipate some selling activities around resistance levels at RM2447 and RM2473, both are 23.6% and 38.2% Fibonacci resistance levels.