13/6/2018

*FCPO Aug 18*

Previous Close: 2326 -34

Please be noted that FCPO will change active month after this week, traders may choose to trade Sep 18 contract. FCPO dropped more than 1% to its lowest in nearly 2 years as pressured by bearish SPPOMA production data and surprise decrease in CPO exports 1-10 June. US soyoil dropped to test 30 level while Dalian palm olein -2.5% this morning, FCPO may gap down and test support.

Daily chart formed a critical bearish candle, close below 2324 to trigger more downside as the price hit near 2 years low. Hourly chart show FCPO in RSI oversold, watch out for any technical rebound in short term.

*Classic Support & Resistance*
Resistance: 2366 2399
Support: 2287 2253

*Recommend Trading Plan for the day:*
1. Sell 2322, stop 2329, profit 2315/2308.
2. If price rebound 1st, look for sell setup at around 2340-2350.

*FCPO Margin Requirement*
Intraday MYR 2250
Overnight MYR 4500
Spread MYR 1200

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