FCPO Daily Commentary For 9th Feb 2010

FCPO April Futures contract traded RM29 higher as compare to previous trading sessions to close at RM2550 with a total of 7,550 lots traded in the market. FCPO was opened and traded higher during trading sessions as soybean oil and crude oil were trade very encouraging despite overnight settlement shows possibilities to trade south as crude oil were plunge during overnight trading.
FCPO price manage to reach next objective price at RM2559 resistance levels, 50%, 178.6% and 100% Fibonacci levels after open above previous resistance levels at RM2520 regions. Technically, FCPO price would expect to encounter great selling pressure around Fibonacci strong cluster formation around RM2655 regions; 78.6% Fibonacci levels, in the coming trading sessions provided support levels at RM2500 and RM2464 regions were not violated during trading sessions. Next nearest resistance levels were seen at RM2600 and RM2655; 61.8% and 78.6% Fibonacci resistance levels

FKLI Daily Commentary for 9th Feb 2010

FKLI February Futures contract was traded 10.5 points lower as compare to previous trading session to settle at 1233 levels with a total of 6,788 lots traded in the market. FKLI plunge lower during the 2nd trading sessions as FBMKLCI plunge during trading sessions despite of mild selling activities for regional equity indices while Dow Jones electronic trading surge higher during trading sessions.
FKLI manage to break further to test lower support levels at 1233.5 regions, 350%, 61.8% and 78.6% of Fibonacci support levels despite of mild rebound during 1st trading session at 1251 regions. Technically, FKLI seems temporary supported around 1233.5 regions despite yet to have any sign of bullish sign that indicates any rebound possibilities provided resistance levels at 1238 and 1244 regions were violated during trading sessions. Next nearest support for FKLI trading was seen at 1227 and 1215 regions.

FCPO Daily Commentary For 8th Feb 2010

FCPO April Futures contract traded RM11 higher as compare to previous trading sessions to close at RM2521 with a total of 8,990 lots traded in the market. FCPO was opened lower for trading but manage to surge higher before end of trading session despite soybean oil and crude oil were not provide any advantage leverage factor to drive FCPO price to trade higher during trading sessions.
FCPO price manage to reach objective price at RM2520 regions, 23.6%, 138.1% and 50% Fibonacci resistance levels after several attempt to penetrate support regions failed during trading sessions. Technically, CPO price undergoing critical phase as indicator shows signal of weakness as the latest rally where great selling pressure were anticipated around RM2520 and RM2535 regions. However, great buying interest would come in place provided resistance fails to hold against the buying activities. Support levels were seen at RM2494 and RM2464 regions.

FKLI Daily Commentary for 8th Feb 2010

FKLI January Futures contract was traded 17 points lower as compare to previous trading session to settle at 1243.5 levels with a total of 6,399 lots traded in the market. FKLI plunge lower since for trading as overnight Dow Jones was plunge due to unfavorable news release while major regional indices were affected severely.
FKLI unexpectedly reach 300% and 61.8% Fibonacci support levels at 1242.5 regions after further extension from previous support levels at 1250 regions. Technically, FKLI seems possible to temporary reach support levels at 1242 region, 23.6% Fibonacci support from large wave count from 1032 to 1307 regions while next support levels would be anticipated around 1234 regions. However, current wave count didn’t suggest any reversal signal from current correction phase despite mild rebound unexpected where resistance levels seen at 1269 and 1284, both were 50% and 78.6% Fibonacci resistance levels. Overall, Medium term trend is mainly dominated by bearish sentiment.