FCPO Updates

16 Nov - FCPO Bias To Selling

InvestorsDoctor
Publish date: Thu, 16 Nov 2017, 09:39 AM
InvestorsDoctor
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Following Message
16/11/2017
 
FCPO Feb 18 
 
Previous Close: 2732 -5
 
 
FCPO finished slightly lower yesterday, as market already digest weak cpo export data, but break lower low caused by stronger MYR and tracking weakness in US soyoil & Dalian palm olein. Indonesia and Malaysia may join forces to counter possible European Union restrictions on the import of palm oil, analyst said. 
 
Based on hourly chart, technical indicators show bearish, but watch out for potential RSI oversold technical rebound. Dalian palm olein rebounds this morning, supported by stronger US soyoil price, FCPO later may open high.
 
Price Level to monitor today:
Resistance 2753 2767 2794
Support  2728 2690 
 
Recommend Trading Plan for Today:
1. If expect to track US soyoil's rebound, buy below or at 2737, up to 2742 if open high, stop 2727, profit 2747-2752.
2. Look for sell signal if break lower low today below 2728.
 
Margin requirement (per lot)
Intraday     RM 2500
Overnight  RM 5000
Spread       RM 1000
 
 

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