20/4/2018
FCPO Jul 18
Previous Close: 2408 -1
Asia’s appetite for palm oil ahead of a key Muslim festival may be weaker than last year as the U.S.-China trade tiff spills into agriculture and India grapples with steeper import duties. USDA FAS says Malaysian Palm-Oil Production Seen Increasing.
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.
Yesterday Market Rumors
Export rumor 1-20th Apr 929k vs 1-20th Mar ITS 841k or +10.4%
AmSpec 913k or +1.7%
SGS 926k or +0.3%
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
Classic Support & Resistance
Resistance: 2450 2414
Support: 2380
Recommend Trading Plan for the day
*FCPO Margin Requirement*
Intraday MYR 2250
Overnight MYR 4500
Spread MYR 1000
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