FCPO Updates
[CPO Futures] - Waiting Further Confirmation for Direction
InvestorsDoctor
Publish date: Thu, 15 Mar 2018, 10:13 AM
InvestorsDoctor
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15/3/2018
FCPO June 18
Previous Close: 2436 +24
Please be noted that FCPO active month will change to Jun 18, traders may choose to trade Jun 18 contract. FCPO marked another gains for 3 straight sessions, supported by US soyoil & Dalian palm olein and Indonesia, the one of largest palm oil producer, expects a dry season in the country this year to start in May or June, which will limit production and support palm oil price. Today watch out for palm oil export data.
US soyoil dropped back to below 32, while Dalian palm olein -0.6% now, expect FCPO to gap down and test support later.
Daily chart show a technical rebound signal with 3 white candles and hourly chart show FCPO test to close upside gap, with MACD testing above zero level, but as overall no signal of bull rally resume yet.
Price Level to monitor today:
Resistance: 2491 2537
Support: 2398 2350
Recommend Trading Plan for the day:
1. Sell 2427, stop 2439, profit 2415/2403.
2. Buy 2439, stop 2427, profit 2451/2463.
FCPO Margin Requirement
Intraday MYR 2250
Overnight MYR 4500
Spread MYR 1000
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