FCPO Daily Commentary for 3rd May 2010

FCPO 3rd month July futures contract traded RM4 lower to close at RM2554 levels as compare to previous trading sessions with a total of 5,879 lots traded in the market. FCPO price consolidate till the end of trading sessions as crude oil and soybean oil were traded mix during overnight and electronic trading sessions.
FCPO price opened reach new high at RM2565 after opened lower at RM2542 levels but consolidate since after 2nd trading sessions. Technically, FCPO price temporary supported above RM2548 regions; 38.2% Fibonacci support levels, and FCPO price trading would resume uptrend rally provided price manage to penetrate resistance levels at RM2560 and RM2584 regions. However, it’s very crucial for FCPO price to remain uptrend provided support levels at RM2520 and RM2480 were not violated in the coming trading sessions. Short term support seen at RM2542 and RM2530 regions; 50% and 78.6% Fibonacci support levels.