FCPO Daily Commentary for 6th May 2010

FCPO July Futures contract traded RM15 higher as compare to previous trading sessions to close at RM2530 with a total of 12,945 lots traded in the market. FCPO price seems rebound firm after opened lower due to weak soybean oil and crude oil overnight settlement.
FCPO price rebounded higher towards RM2545, 78.6% Fibonacci support levels after opened and traded below RM2500 psychology levels. FCPO price seems gets clearer on the current wave count as possible wave count gets reduce steadily. Technically, FCPO price seems tighten up with nearer support and resistance levels that crucial on short term trading direction. FCPO resistance levels seen at RM2564 and RM2581 are crucial for uptrend confirmation while support levels at RM2480 and RM2455 regions seen as crucial support levels for downtrend affirmation for medium term.