FCPO Daily Commentary for 27th May 2010

FCPO August Futures contract traded RM16 higher as compare to previous trading sessions to close at RM2452 with a total of 8,053 lots traded in the market. FCPO price plunge lower after long consolidate despite crude oil and soybean oil were traded firm during electronic trading sessions.
FCPO price seems topped around resistance levels at RM2474 regions; 61.8% Fibonacci resistance levels in the hourly price chart. Technically, FCPO price seems likely to trade lower provided resistance levels at RM2474 and RM2500 were not violated in the coming trading sessions. However, FCPO price would further confirm to trade lower once traded price trading below support levels at RM2436 and RM2406 regions.