2/1/2018
FCPO Mar 18
Previous Close: 2503 -18
FCPO again moved in side way range, closed slightly lower on last week, weighted down by stronger MYR and weakness in US soyoil. CPO's demand is expected to improve in coming weeks as key buyer China stocks up ahead of CNY and production is seem declining in line with seasonal trends.
Dalian palm olein see a strong rebound of +1.45% this morning, while soyoil rebounded to above 33 on last week, expected FCPO later to open higher, testing resistance 1st.
Hourly chart show a side way signal from 2417-2572, MACD & RSI crossing down, signaled weakening buying power.
Price Level to monitor today:
Resistance: 2515 2541
Support: 2485 2451
Recommend Trading Plan for the day:
1. Look for sell signal below 2485.
2. Buy 2516 for a rebound, stop 2494, profit 2538.
FCPO Margin Requirement
Intraday MYR 2250
Overnight MYR 4500
Spread MYR 1000
Disclaimer: Idea for sharing purpose, trade at your own risk.