FCPO Daily Commentary for 3th Aug 2010

FCPO 3rd month Oct futures contract traded RM53 higher to close at RM2570 levels as compare to previous trading sessions with a total of 9,462 lots traded in the market. FCPO price traded higher during entire trading session as soybean oil and crude oil both were traded higher during overnight settlement and electronic trading sessions.
FCPO price penetrate previous resistance levels at RM2539 regions and continue to trade higher to resistance levels at RM2578; 78.6% Fibonacci resistance levels, in the hourly price chart. Technically, FCPO price seems riding on a bull rally with resistance levels seen at RM2594 and RM2625 regions. FCPO price must penetrate the resistance levels in order further affirm on FCPO bull trend while support levels at RM2550 and RM2498 must not be violated in the coming trading sessions.