FCPO Daily Commentary for 8th July 2010

FCPO 3rd month Sep futures contract rebound RM31 lower to close at RM2270 levels as compare to previous trading sessions with a total of 8,203 lots traded in the market. FCPO price traded lower before end of trading sessions as crude oil plunge lower despite soybean oil traded sideways during electronic trading
FCPO penetrate previous low at RM2277 levels to reach new low at RM2270 levels after attempt to penetrate psychology levels at RM2300 regions failed. Technically, FCPO price seems attempt to challenge support levels at RM2260; 78.6% Fibonacci support levels, in the daily chart major wave count. However, FCPO price would only further affirm riding on Bull trend provided FCPO trading price manage to trade above resistance levels at RM2375 and RM2410 regions.