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East Malaysia Crude Palm Oil FuturesEast Malaysia Crude Palm Oil FuturesEast Malaysia Crude Palm Oil Futures

East Malaysia Crude Palm Oil Futures

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FEPO1! trade ideas

FCPO WEEK 21 2024 -Neutral for the start of the week.Price has been in consolidation mode for at least 2 weeks. Good trading weeks for range traders but definitely not good for trend traders. Will be looking for further price action early next week to further determine the direction. Price needs to close either above or lower of the resistance or support level. Overall view is still bearish based upon how aggressive the price push lower from the neckline. However a retracement higher towards the neckline is welcome for another meaningful move lower. It will also provide opportunity to go short with a much better pricing. So early next week is definitely a wait and see mode before deciding to take any trade. ✌🏼💰💵
MYX:FCPO1!
by edramlan
Palm extends gains on hot weather, ahead of Eid holiday - FCPOMalaysian palm oil futures rose for the third straight session on Wednesday, due to a shortage after a slowdown in production during Ramadan, topped with hot weather over the past weeks. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 84 ringgit, or 1.95%, to 4,396 ringgit ($926) a metric ton, by the midday break. The futures is strong due to the coming Eid holiday. The Ramadan month provides a slowdown in production plus hot weather over the past weeks has resulted in lower yield, so there is a shortage of palm oils in the market at the moment. The soyoil contract on the Dalian Commodity Exchange gained 0.79%, while its palm oil contract was up 2.48%. Soyoil prices on the Chicago Board of Trade were up 0.31%. Palm oil is affected by price movements in related oils as they compete for a share of the global vegetable oils market. India's palm oil imports hit a ten-month low in March to 481,000 tons, as the top vegetable oil buyer increased sunflower oil imports amid lower prices.
MYX:FCPO1!Long
by Khairil_Anuar
Green Bull Flag in FCPO From a technical standpoint, prices have consolidated into a bull flag consolidation pattern since 14 March, breaking out of the flag resistance (orange trend channel) yesterday, albeit with normal volume. This localised breakout coupled with the breakout of the long-term parabolic bowl accumulation pattern at 4,150, a pattern forming since July 2023, signalled a possible continuation of the bullish climb to retest 4350 levels. Fibonacci retracements can be seen respected at 61%, 50% and 38% respectively. Immediate support is foreseen around the 4,200 levels, a zone created from a combination of both 50% fibo and the high from previous surge – green line support. Sustained prices above the bull flag pattern for the next two days are likely to drive further upward movement, aiming to breach the 4,350 level and potentially reaching 4,500 levels. This upward momentum may be fueled by short liquidations and breakout buys. Conversely, a drop below the 4,150 level could prompt a retreat towards the crucial support level of 4,000. Regarding correlated edible oils, technical indicators for CBOT soyoil futures indicate a bullish divergence, with prices rebounding noticeably from recent lows. The trajectory suggests a continuation of the bullish trend following a retracement to the 47-48 cents per pound levels last week. Trading Idea: Entry: Long 2 lots FCPO @ 4230 SL: 4190 TP: 1 lot @ 4330 ; another @ 4480 - Darren, Phillip Nova Analyst
MYX:FCPO1!Long
by phillip_nova
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