FCPO Daily Commentary for 17th Aug 2010

FCPO 3rd month Nov futures contract traded RM12 lower to close at RM2678 levels as compare to previous trading sessions with a total of 14,719 lots traded in the market. FCPO price settled lower after open higher for trading around RM2694 levels before starts to plunge lower before end of trading sessions as soybean oil and crude oil electronic trading were traded lower during trading sessions despite soybean oil was settled higher during overnight trading.
FCPO price plunge lower after attempt to penetrate resistance levels RM2730 and RM2700 failed during trading sessions. Technically, FCPO price seems would trade lower in the coming trading sessions after trading price manage to penetrate support trend line in the hourly price chart. Wave 4 count to likely complete correction phase around support levels at RM2637 and RM2613 regions provided resistance levels at RM2700 and RM2736 were not violated in the coming trading sessions.