FCPO Daily Commentary for 12th July 2010

FCPO 3rd month Sep futures contract rebound RM11 higher to close at RM2300 levels as compare to previous trading sessions with a total of 10,406 lots traded in the market. FCPO price was opened slightly higher but traded higher during trading sessions as crude oil surge up higher during trading electronic trading while soybean oil was traded within range.
FCPO price penetrate previous higher RM2310 region at 38.2% Fibonacci resistance levels to reach new high at RM2320 regions before start to pull back lower at RM2298; 78.6% Fibonacci support levels. Technically, FCPO price still seen remain trading on rebound wave where next nearest resistance levels seen at RM2335 and RM2352; both are 61.8% and 78.6% Fibonacci resistance respectively. However, FCPO price would be further affirm to trade lower provided support levels at RM2286 and RM2275 fails to hold against the selling pressure.