Wednesday, July 21, 2010

FCPO Daily Commentary for 21st July 2010

FCPO 3rd month Oct futures contract traded RM30 lower to close at RM2424 levels as compare to previous trading sessions with a total of 11,235 lots traded in the market. FCPO price plunge lower after long consolidation on higher side despite crude oil and soybean oil were still trading higher during trading sessions.
FCPO price attempt to penetrate previous high at RM2461 regions failed despite a series of attempts to penetrate resistance levels at RM2455; 78.6% Fibonacci resistance levels before FCPO price plunge lower to find support around RM2420 regions. Technically, FCPO price seems retrace lower after 7-day consecutive rally towards higher trading territory where resistance levels seen at RM2462 and RM2514; 61.8% and 78.6% Fibonacci resistance levels while support levels seen at RM2417 and RM2387 regions.