FCPO Daily Commentary for 23th Aug 2010

FCPO 3rd month Nov futures contract traded RM51 lower to close at RM2544 levels as compare to previous trading sessions with a total of 11,548 lots traded in the market. FCPO price opened lower for trading as soybean oil and crude oil were settle lower during overnight trading but FCPO price soon consolidate within price range during trading sessions.
FCPO price was trading above support levels at RM2543; 61.8% Fibonacci support levels, in the hourly price chart before attempt to penetrate day high at RM2461 regions. Technically, FCPO price seems temporary supported around at RM2543 regions but yet any sign of reversal appear in the hourly price chart after 5 – day consecutive south trading. Next nearest support levels would be seen at RM2517 and RM2491 while resistance levels seen at RM2560 and RM2604 regions.