30/3/2018
FCPO June 18
Previous Close: 2404 -14
FCPO ended slightly lower yesterday and remain in tight range as market stay cautious ahead of uncertainty on how market will react after export tax resume and recovering production in Apr. US soyoil closed higher to test above 32 last night, while Dalian palm olein +0.8% this morning, FCPO later may test rebound 1st.
Daily chart show FCPO below middle line of BB while other technical indicators declining, show that trend is more to downside. In hourly chart, support of 2407 broken, triggered further sell signal but may track strength in related oils today and test yesterday high 2415 and immediate resistance 2436.
Classic Support & Resistance
Resistance: 2436 2458 2491
Support: 2399 2350
Recommend Trading Plan for the day:
1. Buy 2406 for a rebound, stop 2398, profit 2414/2422.
2. Sell 2398, stop 2406, profit 2390/2382.
3. Look for sell signal if unable to break above 2436.
FCPO Margin Requirement
Intraday MYR 2250
Overnight MYR 4500
Spread MYR 1000
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