06/10/2017

FCPO Malaysia Palm Oil Dec 17

Yesterday Close: 2720 +5

Soyoil retrace from yesterday high 33.45 to below 33. Price found temporary support at 32.88, FCPO is expect to open gap down today. On yesterday trading, FCPO formed higher high in the first half but lower low in the afternoon.

In Hourly chart, FCPO Fibonacci (based on the impulsive wave from 2896 to 2653) show price retrace from 2746 (61.8 level), which we discussed on yesterday post. Check the attached chart for drawing.

Price Level to monitor today:

Support                2650 2600

Resistance          2750 2790

Recommend Trading Plan for the day:

1. Sell below yesterday low 2708 with stop at 2726 or,

2. Buy below 2700 with stop below 2688 or,

3. If soyoil price go make higher high higher low during FCPO trading session, buy above 2725 with stop at 2707.

Latest FCPO Data:

*Reuters Poll* Sep vs Aug MPOB:
Prod 1.84m vs 1.81m (+1.5%)
Impt 42k vs 9k
Expt 1.60m vs 1.49m (+7.8%)
LDsp 214k vs 174k
Stks 2.00m vs 1.94m (+3.2%)

*Bloomberg survey* Sep vs Aug MPOB:
Prod 1.83m vs 1.81m (+1.1%)
Impt 40k vs 9k
Expt 1.61m vs 1.49m (+8.1%)
LDsp 200k-240k vs 174k
Stks 2.00m vs 1.94m (+3.1%)

*CIMB* Sep vs Aug MPOB:
Prod 1.794m vs 1.811m (-0.94%)
Impt 42k vs 9k
Expt 1.640m vs 1.488m (+10.22%)
LDsp 238k vs 174k
Stks 1.931m vs 1.942m (-0.57%)

Margin requirement

Intraday     RM 2500

Overnight  RM 5000

Spread       RM 1000

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