27/10/2017

FCPO Jan 18

Yesterday Close: 2814

FCPO closed higher than 2806 (the 38.2% Fibonacci level), price extended gains yesterday, supported by strength in soyoil markets and favorable export numbers. Expectation of production to taper off towards end of the year is unable to pressure the market lower. Price is likely to open high to reflect the gain in soyoil while Dalian Palm Olein trading with gained of 0.5%

In the hourly chart, as price trading higher then 2808, trend continue to move higher high and higher low. While RSI continue to move lower high suggesting the buying momentum is slowing down. This divergence remained but without price confirmation.

Price Level to monitor today:

Resistance 2821 2839

Support 2790 2779

Recommend Trading Plan for Today:

1. Yesterday we recommend buy at higher high 2809, stop at 2794 and profit 2824 remained

2. Not Recommend for selling unless price trade below 2792.

Margin requirement (per lot)

Intraday     RM 2500

Overnight  RM 5000

Spread       RM 1000