22/1/2018

FCPO Apr 18

Previous Close: 2441

Few events across the weekends will affect today FCPO price. Latest ITS export data fall -16.7%, slower exports and stronger ringgit weigh down palm oil price. In Pakistan Edible oil Conference, Mistry expect palm price to rise to 2500 – 2700. While Fry expect price to rise to 2700 for the next 3 months. Both analyst are suggesting inventories have peaked and seen falling until May by Fry, and July by Mistry. Soyoil is trading at around the same level as last Friday 6 pm. While Dalian palm olein have little changed. Mixed sentiment on bullish call by analyst and weak export data.

In the daily chart, FCPO remained bearish with consecutive 9 days price traded lower. The current price near to previous low 2417. Hourly chart also show bearish price structure. The price structure is suggesting FCPO price to reach 2389.

Price Level to monitor today:

Resistance:  2460 2473

Support:    2417 2389

Recommend Trading Plan for the day:

1. If gap down, look for sell

2. If price rebound from 2433, look for sell between 2471 to 2479.

 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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