FCPO Daily Commentary for 9th July 2010

FCPO 3rd month Sep futures contract rebound RM20 lower to close at RM2290 levels as compare to previous trading sessions with a total of 8,789 lots traded in the market. FCPO price was opened higher for trading as soybean oil and crude oil were traded firm during overnight and electronic trading sessions.
FCPO manage to record new high at RM2310 levels during open for trading but retrace lower towards 50% Fibonacci support levels at RM2290 regions. Technically, FCPO price seems could be riding on rebound wave where next nearest resistance levels at RM2310 and RM2334; 38.2% and 61.8% Fibonacci resistance levels. However, FCPO price trading still seems support at RM2260 and RM2130 regions in the hourly trading price chart.