FCPO Daily Commentary for 13th Aug 2010

FCPO 3rd month Oct futures contract traded RM4 lower to close at RM2673 levels as compare to previous trading sessions with a total of 10,891 lots traded in the market. FCPO price manage to recover partial losses from previous 2 – day sell rally as crude oil and soybean oil were traded lower during electronic trading sessions.
FCPO price manage to rebound towards RM2704 regions; 61.8% Fibonacci resistance levels, before to settle at RM2673; 61.8% Fibonacci support levels, in hourly trading price chart. Technically, FCPO price seems temporary topped around RM2704 resistance levels in attempt to test further support levels at RM2637 and RM2614; both are 50% and 61.8% Fibonacci support levels, for correction phase count. However, FCPO price must not trade above resistance levels at RM2704 and RM2736 in order for correction phase to remain intact.