FCPO Daily Commentary for 26th May 2010

FCPO August Futures contract traded RM54 lower as compare to previous trading sessions to close at RM2436 with a total of 9,383 lots traded in the market. FCPO price plunge lower tracking closely with soybean oil and crude oil electronic trading during trading sessions.
FCPO price seems plunge lower after manage to penetrate previous support levels at RM2580 and RM2565 regions. Technically, FCPO price seems resume its major wave 3 correction towards south where next nearest support levels seen at RM2406 and RM2352 regions. However, FCPO price must not be trading above resistance levels at RM2466 and RM2500; both are 50% and 100% Fibonacci resistance levels in order the correction wave to remain intact.