FCPO Daily Commentary for 15th July 2010

FCPO 3rd month Sep futures contract traded RM28 higher to close at RM2381 levels as compare to previous trading sessions with a total of 6,063 lots traded in the market. FCPO price was traded higher throughout entire trading session as crude oil and soybean oil were traded higher during overnight and electronic trading.
FCPO price continue trading higher during trading sessions and challenge next resistance levels at 2380 regions; 78.6% Fibonacci resistance levels. Technically, FCPO price possible undergoing larger rebound wave count provided resistance levels at RM2380 and RM2410 regions were not violated in the coming trading sessions. However, FCPO price current nearest support levels seen at RM2356 and RM2325 regions. Failure to FCPO trading price above the support level shall indicates further selling activity.