FCPO Daily Commentary for 5th May 2010

FCPO July Futures contract traded RM39 lower as compare to previous trading sessions to close at RM2515 with a total of 6,330 lots traded in the market. FCPO price was traded lower during trading sessions as crude oil and soybean oil were trade lower during electronic trading sessions despite standing firm during overnight settlement.
FCPO price plunge after manage to penetrate previous support levels at RM2547 and RM2537; 38.2% and 61.8% Fibonacci support levels. Technically, FCPO price still seems slightly unclear on the medium term direction as there are multiple possibilities on the Elliott Wave count. However, FCPO price would seems bearish on short term trading were next nearest support levels were seen at RM2503 and RM2482 regions; 61.8% and 78.6% Fibonacci support levels. FCPO price would further affirm bullish provided traded price was able to stand above resistance levels at RM2554 and RM2565 regions.