Thursday, July 22, 2010

FCPO Daily Commentary for 22nd July 2010


FCPO 3rd month Oct futures contract rose RM35 higher to close at RM2459 levels as compare to previous trading sessions with a total of 9,827 lots traded in the market. FCPO price traded higher during trading sessions as soybean oil and crude oil were traded higher during electronic trading sessions.
FCPO price manage to penetrate previous higher at RM2461 to reach RM2468; 100% Fibonacci resistance levels, before settled at RM2459 before of trading sessions. Technically, FCPO price temporary holding well above support levels at RM2435 and RM2424 regions. However, its crucial that FCPO price must not trading below support level in order not to trigger massive liquidation in the market. Resistance levels were seen at RM2462 and RM2514; both are 61.8% and 78.6% Fibonacci resistance levels.

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