19/4/2018

FCPO Jul 18

Previous Close: 2408 unchanged

FCPO rebound was technically overbought as India did not announce a change of vegetable oil import duties. Concern of rising production and weaker export remain in the market. Market is awaiting 20^th export data and MPOA production figure to confirm the trend. As production likely fall on rising seasonality until 3Q of the year.

Daily chart show a strong rebound near previous low of 2352, however, the trend remain in lower high momentum. The overall bearish trend had no confirmation of reversal from high 2896.

Wave & Fibo projection

Major Impulsive Swing  : Bearish with target at 2367

Minor Swing       : Correction size between 2450 to 2414, price below this zone remain bearish while above 2450 indicate trend reversal.

Current Swing   : Correction size between 2403 to 2365, price to rebound to 2434 in the short term

Classic Support & Resistance

Resistance:  2450 2414

Support:   2380

Recommend Trading Plan for the day

1. Buy if price pull back to 2400, stop 2392, TP1 2408, TP2 2416

2. Look for sell signal if break below 2380, target and stop to be confirm.

FCPO Margin Requirement

Intraday     MYR 2250

Overnight  MYR 4500

Spread       MYR 1000

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