FCPO Daily Commentary for 8th June 2010

FCPO 3rd month Aug futures contract rebound RM18 higher to close at RM2474 levels as compare to previous trading sessions with a total of 6,491 lots traded in the market. FCPO price trade higher mainly due to soybean oil and crude oil electronic trading was traded higher despite were settled lower during overnight trading.
FCPO price temporary supporting above RM2453 regions before surge up higher in attempt to penetrate previous high at RM2482 regions. Technically, FCPO seems attempt to challenge resistance levels at RM2484 and RM2501 regions, both were 78.6% and 100% Fibonacci resistance in the hourly price chart. Failed to resistance FCPO trading below the resistance levels shall indicates bullish sentiment in the market. However, FCPO price must stand firm above support levels at RM2453 and RM2460 region in order avoid continuation of correction wave to trade south after nearly 3 weeks consolidation period.