FCPO 10th June Daily Market Commentary

FCPO 3rd month Aug futures contract fall RM14 lower to close at RM2418 levels as compare to previous trading sessions with a total of 14,247 lots traded in the market. FCPO price was traded wild during trading sessions as price traded from RM2438 towards lowest at RM2402 but recovered highest at RM2432 regions despite soybean oil and crude oil were trade firm during overnight and electronic trading.
FCPO price plunge and reach 100% Fibonacci support levels at RM2406 region before starts to rebound towards RM2432 regions; 38.2% Fibonacci resistance levels in the hourly price chart. Technically, FCPO price trading would further affirm riding on bear rally once support levels at RM2410 and RM2393 fails to hold up against the selling pressure in the coming trading sessions. However, FCPO price must strictly not trading above resistance levels at RM2457 and RM2484 in order to further affirm FCPO price trading south in the coming trading session.