11/4/2018

 

FCPO June 18

 

Previous Close: 2433 -31

 

Please be noted that active month of FCPO will be changed to Jul 18 next week, traders may choose to trade Jul 18 contract. FCPO fell again yesterday to 1 week low after MPOB reported Mar 18 palm oil inventory was below expectation and Apr 1-10 export was in line with expectation, which already priced in earlier.

 

US soyoil move in range but slightly higher at around 31.7+, while Dalian palm olein -0.6% this morning, FCPO likely to test support 1st.

 

Daily chart show FCPO breaks below middle line of BB, another candle close below middle line of BB likely trigger further sell signal to test previous low while hourly chart's technical indicators also declining.

 

 Classic Support & Resistance 

Resistance:  2447 2486

Support:   2415 2383

 

 Recommend Trading Plan for the day: 

1. Sell 2432 or above, stop 2448, profit 2416/2400.

2. Sell 2419, stop 2439, profit 2399.

 

 FCPO Margin Requirement 

Intraday     MYR 2250

Overnight  MYR 4500

Spread       MYR 1000

 

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