FCPO 9th June Daily Market Commentary

FCPO 3rd month Aug futures contract fall RM17 lower to close at RM2432 levels as compare to previous trading sessions with a total of 8,651 lots traded in the market. FCPO price traded lower as soybean oil and crude oil electronic trading were traded lower during trading sessions.
FCPO price plunge lower and penetrate support levels at RM2435 regions after failed in attempt to penetrate previous high at RM2456 levels technically, FCPO price seems penetrate previous support levels at RM2437; 78.6% Fibonacci support levels in the hourly price chart, further confirmation on correction wave to take in place while next nearest support levels seen at RM2425 and RM2406 regions. However, FCPO price must not trading above resistance levels at RM2457 and RM2484 in order for correction phase to remain intact on short term trading