FCPO Daily Commentary for 7th May 2010

FCPO 3rd month July futures contract traded RM7 lower to close at RM2523 levels as compare to previous trading sessions with a total of 14,033 lots traded in the market. FCPO price was traded wild during trading session despite crude oil and soybean oil were traded lower during the electronic trading sessions.
FCPO price reached support levels at 61.8% Fibonacci support levels at RM2509 regions before attempt to penetrate previous high at RM2544 regions. Technically, FCPO seems provided further affirm information that FCPO price seems would likely trading higher in the coming trading sessions provided support levels at RM2500 and RM2482 were not violated in the coming trading sessions. However, FCPO price would only further affirm on bull trend provided trading price must be able to hold above resistance levels at RM2544 and RM2564 regions.