FCPO Daily Commentary for 20th Aug 2010

FCPO 3rd month Nov futures contract traded RM15 lower to close at RM2595 levels as compare to previous trading sessions with a total of 13,658 lots traded in the market. FCPO price opened lower trading as soybean oil and crude oil traded lower during overnight trading but FCPO soon manage to recover from losses as soybean oil and crude oil electronic trading were traded higher during trading sessions.
FCPO price manage to reach support levels at RM2570; 200% Fibonacci support levels, in the hourly price chart while RM2580 also seen as another support levels which indirect forms a support range for FCPO price trading. Technically, FCPO price seem manage to rebound 61.8% Fibonacci resistance levels at RM2604 upon complete on rebound wave count where next nearest support levels were expected around RM2571 and RM2556 in the coming trading sessions. However, FCPO price must not be trading over resistance levels at RM2604 and RM2632 in order for correction wave to remain intact.