FCPO Daily Commentary for 14th July 2010

FCPO 3rd month Sep futures contract traded RM13 higher to close at RM2353 levels as compare to previous trading sessions with a total of 7,124 lots traded in the market. FCPO traded higher towards entire trading sessions as soybean oil and crude oil electronic trading were traded higher during trading sessions.
FCPO price traded higher during trading sessions in attempt to challenge resistance levels at RM2352; 78.6% Fibonacci resistance levels after found support at RM2325 regions. Technically, FCPO trading is very close to affirm reverse uptrend once resistance levels at RM2366 and RM2375 failed to resistance traded price trading below the resistance levels. However, FCPO price would continue to trade into correction phase provided support levels at RM2525 and RM2510 regions.