FCPO Daily Commentary for 17th June 2010

FCPO 3rd month Sep futures contract rebound RM14 higher to close at RM2380 levels as compare to previous trading sessions with a total of 8,245 lots traded in the market. FCPO price trading higher after long consolidate near the low region before starts to surge up before end of trading sessions as soybean oil and crude oil were traded higher overnight sessions while mainly consolidate during electronic trading sessions.
FCPO price dip at RM2367 regions before run into consolidation phase but FCPO price trading higher before of trading sessions. Technically, FCPO seems complete wave 3 trading south to complete at 150% and 78.6% Fibonacci support levels before start to rebound after found support levels at RM2370 regions. FCPO price would expect further rebound in the coming trading sessions provided support levels at RM2370 and RM2360 were not violated in the coming trading sessions while expecting some degree of resistance levels at RM2406 and RM2420; 38.2% and 50% Fibonacci resistance levels.