Thursday, May 20, 2010

FCPO Daily Commentary for 21st May 2010

FCPO August Futures contract traded RM41 higher as compare to previous trading sessions to close at RM2476 with a total of 11,741 lots traded in the market. FCPO price traded higher during trading sessions despite crude oil and soybean oil were not trading very encouraging towards north directions.
FCPO price seems found support at RM2435 levels; 50% Fibonacci support levels, before starts to surge up to test nearest resistance levels at RM2473 regions. Technically, FCPO price seems attempt to complete rebound wave 4 where coming nearest resistance levels seen at RM2493 and RM2514; 50% and 61.8% Fibonacci resistance levels, after yesterday’s high at RM2479 regions. However, it’s very crucial that FCPO price must not trading below support levels at RM2452 and RM2435 region in order not to trigger greater selling activities.