FCPO Daily Commentary for 12th Aug 2010

FCPO 3rd month Oct futures contract traded RM6 higher to close at RM2676 levels as compare to previous trading sessions with a total of 7,932 lots traded in the market. FCPO price manage to recover from losing ground after opened and traded lower during early trading sessions due to weak soybean oil and crude oil electronic trading during the trading sessions.
FCPO price penetrate previous support levels at RM2668 to reach RM2652 levels before traded price submerge into consolidation phase from RM2660 to RM2680 regions. Technically, FCPO trading could temporary found support around RM2660 regions; 38.2% Fibonacci support levels while next nearest support levels seen at RM2637; 50% Fibonacci support levels, in the hourly price chart. However, FCPO trading price would encounter some selling pressure around resistance levels at RM2694 and RM2704; both are 50% and 61.8% Fibonacci resistance levels