FCPO Daily Commentary for 4th June 2010

FCPO August Futures contract traded RM12 lower as compare to previous trading sessions to close at RM2456 with a total of 5,832 lots traded in the market. FCPO trading lower before end of trading sessions despite soybean oil and crude oil were trading higher during electronic trading and overnight settlement.
FCPO price seem consolidate around RM2480 to RM2475 regions before starts to plunge lower 3 hours before end of trading sessions towards 78.6% Fibonacci support levels at RM2453 regions. Technically, FCPO would seen continue trading upside provided support levels at RM2453 and RM2436 were not violated in the coming trading sessions. However, FCPO price would encounter some degree of selling pressure at RM2484 and RM2501 regions, failure to hold FCPO trading price below the resistance shall indicates bullish sentiment in the market.