FCPO Daily Commentary for 20th May 2010

FCPO July Futures contract traded RM10 lower as compare to previous trading sessions to close at RM2435 with a total of 7,452 lots traded in the market. FCPO seems trading within range during trading sessions despite of wild movement of crude oil and soybean oil electronic trading.
FCPO price seems attempt to test support levels at RM2400 regions after 2 attempt to penetrate RM2410 regions. Technically, FCPO price seems temporary consolidating above support levels at RM2415 and RM2406; 78.6% and 100% Fibonacci support level. Failure to hold trading price above support levels shall indicates further selling pressure to take place. Resistance levels were seen at RM2443 and RM2473 regions; 23.6% and 38.2% Fibonacci resistance levels.