FCPO Daily Commentary for 19th May 2010

FCPO July Futures contract traded RM20 higher as compare to previous trading sessions to close at RM2445 with a total of 4,649 lots traded in the market. FCPO price was mainly trading higher during trading sessions despite soybean oil and crude oil were traded weak during overnight and electronic trading.
FCPO price seems trading higher in the hourly price chart despite was opened lower for trading. Technically, FCPO price seems trading on rebound wave 4 were next nearest resistance levels were seen at RM2473 and RM2493; both are 38.2% and 50% Fibonacci resistance level, after previous resistance levels at RM2447 was challenged for the 1st time. However, FCPO would resume bearish trading range once support levels at RM2428 and RM2415; both are 50% and 78.6% Fibonacci support levels, were violated in the coming trading sessions.