FCPO Daily Commentary for 10th Aug 2010

FCPO 3rd month Oct futures contract traded RM70 higher to close at RM2731 levels as compare to previous trading sessions with a total of 14,200 lots traded in the market. FCPO price open higher for trading and continue traded higher during trading sessions as soybean oil and crude oil electronic trading were traded higher during electronic trading sessions.
FCPO price penetrate daily resistance trend line at RM2680 regions and continue to search higher resistance regions before settle at RM2731 by the end of trading sessions. Technically, FCPO price expected to trade higher on bullish sentiment provided support levels at RM2700 and RM2668; both are 23.6% and 38.2% Fibonacci support levels, were not violated in the coming trading sessions. However, FCPO price would expect to encounter some selling pressure around resistance levels at RM2747 and RM2807 regions; 78.6% and 100% Fibonacci resistance levels.