Tuesday, August 24, 2010

FCPO Daily Commentary for 25th Aug 2010

FCPO 3rd month Nov futures contract traded RM50 lower to close at RM2510 levels as compare to previous trading sessions with a total of 17,235 lots traded in the market. FCPO price opened almost unchanged as compare to previous settlement price and plunge lower during trading sessions as soybean oil and crude oil electronic trading were traded weak.
FCPO price traded lower after attempt to penetrate previous high at RM2569 failed while FCPO price fails to hold above previous support levels at RM2540 regions. Technically, FCPO price seems temporary supported on RM2503 support levels; 50% Fibonacci support levels, in the hourly price chart. Failure to hold FCPO traded price above support levels at RM2502 and RM2448 shall indicates further selling pressure. Resistance levels seen at RM2550 and RM2570 regions.


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