Tuesday, June 1, 2010

FCPO 1st June Daily Market Commentary


FCPO 3rd month Aug futures contract rebound RM24 higher to close at RM2460 levels as compare to previous trading sessions with a total of 6,451 lots traded in the market. FCPO price seems traded sideways during trading sessions despite crude oil and soybean oil were traded lower during electronic trading sessions.
FCPO price seems manage to retrace towards RM2437 regions, 61.8% Fibonacci support levels before surge up penetrate previous high at RM2457 to close at RM2460 region. Technically, FCPO price temporary completed minor cycle at RM2425 regions where rebound activity seems take place provided support levels at RM2425 and RM2436 were not violated in the coming trading sessions. FCPO price would expected to encounter some resistance levels were at RM2472 and RM2484 regions; both are 61.8% and 78.6% Fibonacci resistance levels.

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