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.

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.

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.

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.

FCPO Daily Commentary for 13th Aug 2010

FCPO 3rd month Oct futures contract traded RM4 lower to close at RM2673 levels as compare to previous trading sessions with a total of 10,891 lots traded in the market. FCPO price manage to recover partial losses from previous 2 – day sell rally as crude oil and soybean oil were traded lower during electronic trading sessions.
FCPO price manage to rebound towards RM2704 regions; 61.8% Fibonacci resistance levels, before to settle at RM2673; 61.8% Fibonacci support levels, in hourly trading price chart. Technically, FCPO price seems temporary topped around RM2704 resistance levels in attempt to test further support levels at RM2637 and RM2614; both are 50% and 61.8% Fibonacci support levels, for correction phase count. However, FCPO price must not trade above resistance levels at RM2704 and RM2736 in order for correction phase to remain intact.

FCPO Daily Commentary for 12th Aug 2010

FCPO 3rd month Oct futures contract traded RM6 higher to close at RM2676 levels as compare to previous trading sessions with a total of 7,932 lots traded in the market. FCPO price manage to recover from losing ground after opened and traded lower during early trading sessions due to weak soybean oil and crude oil electronic trading during the trading sessions.
FCPO price penetrate previous support levels at RM2668 to reach RM2652 levels before traded price submerge into consolidation phase from RM2660 to RM2680 regions. Technically, FCPO trading could temporary found support around RM2660 regions; 38.2% Fibonacci support levels while next nearest support levels seen at RM2637; 50% Fibonacci support levels, in the hourly price chart. However, FCPO trading price would encounter some selling pressure around resistance levels at RM2694 and RM2704; both are 50% and 61.8% Fibonacci resistance levels

FCPO Daily Commentary for 11th Aug 2010

FCPO 3rd month Oct futures contract traded RM60 lower to close at RM2670 levels as compare to previous trading sessions with a total of 11,009 lots traded in the market. FCPO price plunge lower during trading sessions as soybean oil and crude oil were traded lower during electronic trading while unfavorable ITS and SGS export figure were released during morning and afternoon trading sessions.
FCPO price penetrate previous support levels at RM2710 when open for trading at RM2708 and continue to plunge lower in attempt to test support levels at RM2690 and RM2660; both are 23.6% and 38.2%, in the hourly price chart. Technically, FCPO price seems more towards downside where next nearest support seen at RM2660 and RM2644 while crucial support levels seen at RM2538 regions. Failure to hold trading price above support levels shall trigger further selling pressure into the market. Resistances levels were seen at RM2695 and RM2736 regions.

FCPO Daily Commentary for 10th Aug 2010

FCPO 3rd month Oct futures contract traded RM70 higher to close at RM2731 levels as compare to previous trading sessions with a total of 14,200 lots traded in the market. FCPO price open higher for trading and continue traded higher during trading sessions as soybean oil and crude oil electronic trading were traded higher during electronic trading sessions.
FCPO price penetrate daily resistance trend line at RM2680 regions and continue to search higher resistance regions before settle at RM2731 by the end of trading sessions. Technically, FCPO price expected to trade higher on bullish sentiment provided support levels at RM2700 and RM2668; both are 23.6% and 38.2% Fibonacci support levels, were not violated in the coming trading sessions. However, FCPO price would expect to encounter some selling pressure around resistance levels at RM2747 and RM2807 regions; 78.6% and 100% Fibonacci resistance levels.

FCPO Daily Commentary for 9th Aug 2010

FCPO August Futures contract traded RM42 higher as compare to previous trading sessions to close at RM2661 with a total of 10,188 lots traded in the market. FCPO price continue to trade higher; following tightly on soybean oil electronic trading despite crude oil was traded lower before end of trading sessions.
FCPO price continue to surge higher in attempt to test psychology resistance levels at RM2700 region during the trading sessions. Technically, FCPO price still seen riding on a bull rally provided support levels at RM2633 and RM2600 were not violated in the coming trading sessions while resistance seen at RM2722 and RM2750 regions.

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.

FCPO Daily Commentary for 28th July 2010

FCPO 3rd month Oct futures contract traded RM12 higher to close at RM2485 levels as compare to previous trading sessions with a total of 10,381 lots traded in the market. FCPO price traded higher after long consolidation around support levels despite soybean oil and crude oil were traded in contradicting direction during electronic trading sessions.
FCPO price found temporary support at RM2434; 38.2% Fibonacci support regions, before begin surge higher and settled at RM2485; 50% Fibonacci resistance levels. Technically, FCPO price currently seems crucial in determining if FCPO would further undergo correction phase or resume bull rally in the coming trading sessions where critical resistance levels were seen RM2497 and RM2520 regions while support levels remain at RM2402 and RM2371; both are 50% and 61.8% Fibonacci support levels.

FCPO Daily Commentary for 22nd July 2010

FCPO 3rd month Oct futures contract rose RM35 higher to close at RM2459 levels as compare to previous trading sessions with a total of 9,827 lots traded in the market. FCPO price traded higher during trading sessions as soybean oil and crude oil were traded higher during electronic trading sessions.
FCPO price manage to penetrate previous higher at RM2461 to reach RM2468; 100% Fibonacci resistance levels, before settled at RM2459 before of trading sessions. Technically, FCPO price temporary holding well above support levels at RM2435 and RM2424 regions. However, its crucial that FCPO price must not trading below support level in order not to trigger massive liquidation in the market. Resistance levels were seen at RM2462 and RM2514; both are 61.8% and 78.6% Fibonacci resistance levels.

FCPO Daily Commentary for 21st July 2010

FCPO 3rd month Oct futures contract traded RM30 lower to close at RM2424 levels as compare to previous trading sessions with a total of 11,235 lots traded in the market. FCPO price plunge lower after long consolidation on higher side despite crude oil and soybean oil were still trading higher during trading sessions.
FCPO price attempt to penetrate previous high at RM2461 regions failed despite a series of attempts to penetrate resistance levels at RM2455; 78.6% Fibonacci resistance levels before FCPO price plunge lower to find support around RM2420 regions. Technically, FCPO price seems retrace lower after 7-day consecutive rally towards higher trading territory where resistance levels seen at RM2462 and RM2514; 61.8% and 78.6% Fibonacci resistance levels while support levels seen at RM2417 and RM2387 regions.

FCPO Daily Commentary for 20th July 2010

FCPO 3rd month Oct futures contract traded RM6 higher to close at RM2455 levels as compare to previous trading sessions with a total of 7,771 lots traded in the market. FCPO price consolidate during the entire trading sessions without much influence by soybean oil and crude oil electronic trading during the trading sessions.
FCPO price traded lower and found support levels at RM2430 regions before manage to rebound towards RM2455 regions; 78.6% Fibonacci resistance levels. Technically, FCPO price yet to penetrate resistance levels at RM2462 regions; 61.8% Fibonacci resistance levels, in the daily price chart. Failure to trade above resistance levels at RM2462 and RM2514; both are 61.8% and 78.6% Fibonacci resistance levels shall suggest FCPO price trading fall back into correction phase while support levels should be guarded around RM2430 and RM2400 regions.

FCPO Daily Commentary for 16th July 2010

FCPO 3rd month Sep futures contract traded RM58 higher to close at RM2439 levels as compare to previous trading sessions with a total of 15,889 lots traded in the market. FCPO price surge higher during trading session as soybean oil and crude oil electronic trading were trading higher while strong export figure was released during trading sessions.
FCPO price opened almost unchanged but soon trading higher once support levels at RM2380 region holding well during trading sessions before price surge higher towards resistance levels at RM2455 regions. Technically, FCPO price seems riding on bullish sentiment during trading were next nearest resistance levels seen at RM2460 and RM2500 regions. However, FCPO price would seen temporary overbought during trading sessions while nearest support level seen at RM2400 and RM2370 regions.

FCPO Daily Commentary for 15th July 2010

FCPO 3rd month Sep futures contract traded RM28 higher to close at RM2381 levels as compare to previous trading sessions with a total of 6,063 lots traded in the market. FCPO price was traded higher throughout entire trading session as crude oil and soybean oil were traded higher during overnight and electronic trading.
FCPO price continue trading higher during trading sessions and challenge next resistance levels at 2380 regions; 78.6% Fibonacci resistance levels. Technically, FCPO price possible undergoing larger rebound wave count provided resistance levels at RM2380 and RM2410 regions were not violated in the coming trading sessions. However, FCPO price current nearest support levels seen at RM2356 and RM2325 regions. Failure to FCPO trading price above the support level shall indicates further selling activity.

FCPO Daily Commentary for 14th July 2010

FCPO 3rd month Sep futures contract traded RM13 higher to close at RM2353 levels as compare to previous trading sessions with a total of 7,124 lots traded in the market. FCPO traded higher towards entire trading sessions as soybean oil and crude oil electronic trading were traded higher during trading sessions.
FCPO price traded higher during trading sessions in attempt to challenge resistance levels at RM2352; 78.6% Fibonacci resistance levels after found support at RM2325 regions. Technically, FCPO trading is very close to affirm reverse uptrend once resistance levels at RM2366 and RM2375 failed to resistance traded price trading below the resistance levels. However, FCPO price would continue to trade into correction phase provided support levels at RM2525 and RM2510 regions.

FCPO Daily Commentary for 13rd July 2010

FCPO 3rd month Sep futures contract surge RM38 higher to close at RM2338 levels as compare to previous trading sessions with a total of 9,124 lots traded in the market. FCPO price was opened higher as overnight soybean oil and crude oil trading were settle higher despite both were traded lower during electronic trading sessions. Another factor that boost FCPO price towards north is favorable MPOB report that indicates firm demand on CPO production.
FCPO price penetrate previous higher RM2322 region at 50% Fibonacci resistance levels to reach new high at RM2340 regions before end of trading sessions. FCPO price seems well supported above support levels at RM2310 and RM2298 regions before surge higher towards resistance levels at RM2335 and RM2352; both were 61.8% and 78.6% Fibonacci resistance levels. Technically, FCPO price must not be trading above resistance levels at RM2352 and RM2375 regions while support levels seems crucial at RM2310 and RM2280 regions.

FCPO Daily Commentary for 12th July 2010

FCPO 3rd month Sep futures contract rebound RM11 higher to close at RM2300 levels as compare to previous trading sessions with a total of 10,406 lots traded in the market. FCPO price was opened slightly higher but traded higher during trading sessions as crude oil surge up higher during trading electronic trading while soybean oil was traded within range.
FCPO price penetrate previous higher RM2310 region at 38.2% Fibonacci resistance levels to reach new high at RM2320 regions before start to pull back lower at RM2298; 78.6% Fibonacci support levels. Technically, FCPO price still seen remain trading on rebound wave where next nearest resistance levels seen at RM2335 and RM2352; both are 61.8% and 78.6% Fibonacci resistance respectively. However, FCPO price would be further affirm to trade lower provided support levels at RM2286 and RM2275 fails to hold against the selling pressure.

FCPO Daily Commentary for 9th July 2010

FCPO 3rd month Sep futures contract rebound RM20 lower to close at RM2290 levels as compare to previous trading sessions with a total of 8,789 lots traded in the market. FCPO price was opened higher for trading as soybean oil and crude oil were traded firm during overnight and electronic trading sessions.
FCPO manage to record new high at RM2310 levels during open for trading but retrace lower towards 50% Fibonacci support levels at RM2290 regions. Technically, FCPO price seems could be riding on rebound wave where next nearest resistance levels at RM2310 and RM2334; 38.2% and 61.8% Fibonacci resistance levels. However, FCPO price trading still seems support at RM2260 and RM2130 regions in the hourly trading price chart.