FCPO Updates

05 Dec - FCPO bias to Down as Strong Ringgit

InvestorsDoctor
Publish date: Tue, 05 Dec 2017, 10:12 AM
InvestorsDoctor
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Following Message
05/12/2017
 
FCPO Feb 18
 
Previous Close: 2588 -15
 
 
FCPO fell on evening session yesterday, dragged down by stronger MYR and weakness on US soyoil. MYR continue to go stronger, plus Dalian palm olein -0.4% this morning and US soyoil drop to 33.4+, expect FCPO later open low and upside limited.
 
Hourly chart's technical indicators show trend in side way to lower, today may test support around 2550/2530.
 
 Price Level to monitor today: 
Resistance:     2650 2683
Support:     2560 2537 
 
 Recommend Trading Plan for the day: 
1. Sell lower low 2582, stop 2605, profit 2559
2. If price go rebound 1st, sell 2606 or above, stop 2626, profit 20pts or above
 
 FCPO Margin Requirement 
Intraday     MYR 2250
Overnight  MYR 4500
Spread   MYR 1000
 
Disclaimer: Idea for sharing purpose, trade at your own risk.
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Discussions
Be the first to like this. Showing 2 of 2 comments

curious2

Good for USD borrowers planters eg FGV, IOI, etc?

2017-12-05 10:16

InvestorsDoctor

Hi Curious2, thanks for the question. In our opinion, borrowing in USD may reduce interest expenses, but company as a whole, strong ringgit may translate into many factors, for example, plantation house that expose into hedging on USD currency may inccur losses, this will offset the advantage of strong ringgit. Also, stronger ringgit with high inventory sentiment putting pressure on CPO price. Revenue maybe offset by both sides, not necessary planters will be profitable on current sentiment. If want to take advantage on CPO price movement, we recommend you to trade CPO Futures. Which give you the direct exposure into CPO price movement. You are welcome to monitor our daily post, which intraday trading plan is share for FREE currently.

2017-12-06 10:42

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