FCPO Daily Commentary for 7th July 2010

FCPO 3rd month Sep futures contract rebound RM11 higher to close at RM2301 levels as compare to previous trading sessions with a total of 9,535 lots traded in the market. FCPO price recovered from losses as soybean oil and crude oil were recovered from previous losing ground.
FCPO price dip at RM2277 regions; 138.2% Fibonacci support levels, before begins to rebound higher towards psychology resistance levels at RM2300 regions while coincidently located same levels at 23.6% Fibonacci resistance level. Technically, FCPO price seems undergoing wave 4 rebound activity after attempt successfully found support levels at RM2277 to complete wave 3 count where nearest resistance levels were seen at RM2314 and RM2326 regions. However, FCPO price would seen to great support levels around RM2260 and RM2240 region in the daily chart which lead to assumption FCPO would trading within limited range during trading sessions.