FCPO Daily Commentary for 20th July 2010

FCPO 3rd month Oct futures contract traded RM6 higher to close at RM2455 levels as compare to previous trading sessions with a total of 7,771 lots traded in the market. FCPO price consolidate during the entire trading sessions without much influence by soybean oil and crude oil electronic trading during the trading sessions.
FCPO price traded lower and found support levels at RM2430 regions before manage to rebound towards RM2455 regions; 78.6% Fibonacci resistance levels. Technically, FCPO price yet to penetrate resistance levels at RM2462 regions; 61.8% Fibonacci resistance levels, in the daily price chart. Failure to trade above resistance levels at RM2462 and RM2514; both are 61.8% and 78.6% Fibonacci resistance levels shall suggest FCPO price trading fall back into correction phase while support levels should be guarded around RM2430 and RM2400 regions.