Tuesday, July 13, 2010

FCPO Daily Commentary for 13rd July 2010


FCPO 3rd month Sep futures contract surge RM38 higher to close at RM2338 levels as compare to previous trading sessions with a total of 9,124 lots traded in the market. FCPO price was opened higher as overnight soybean oil and crude oil trading were settle higher despite both were traded lower during electronic trading sessions. Another factor that boost FCPO price towards north is favorable MPOB report that indicates firm demand on CPO production.
FCPO price penetrate previous higher RM2322 region at 50% Fibonacci resistance levels to reach new high at RM2340 regions before end of trading sessions. FCPO price seems well supported above support levels at RM2310 and RM2298 regions before surge higher towards resistance levels at RM2335 and RM2352; both were 61.8% and 78.6% Fibonacci resistance levels. Technically, FCPO price must not be trading above resistance levels at RM2352 and RM2375 regions while support levels seems crucial at RM2310 and RM2280 regions.

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