FCPO 25th Daily Market Commentary

FCPO 3rd month Aug futures contract traded RM1 lower to close at RM2490 levels as compare to previous trading sessions with a total of 3,886 lots traded in the market. FCPO price was mainly trading within tight range despite wild price movement from crude oil and soybean oil electronic trading.
FCPO price seems trading tight range within range from RM2480 and RM2500 region during 6-hours trading after 3 attempts to penetrate the support trend line. Technically, FCPO price seems formed a symmetric triangle formation in the hourly price chart where support levels were seen at RM2480 and RM2453 while resistance levels seen at RM2493 and Rm2514; both are 50% and 61.8% Fibonacci resistance levels. We do anticipate huge price movement upon break out.