FCPO Daily technical analysis
The FCPO active month contract ended slightly higher due to slightly improved in palm oil export released on Monday which underpinned the FCPO prices. ITS and SGS showed Malaysia palm oil export down 14% and 13% respectively. At the close, the FCPO up 15 points or 0.67% to 2,272.
Based on the daily chart, a small positive candle with lower wick has been formed on Monday where it indicated that the price was supported at the intraday lowest level.
Currently, the FCPO price still lingers between the range of 2,215 and 2,300. We should monitor closely which way it will break in the near term. Strong support level we would peg at 2,215 then followed by the psychological level of 2,200.
Referring to the MACD indicator, both lines staying in the negative zone. As always, intraday support and resistance levels will be eyed.
Technical indicators
MACD= Negative, ADX= Negative
Intraday technical support & resistance for 23/07/2013
1st support 2,215-00; 2nd support 2,170
1st resistance 2,280; 2nd resistance 2,305
Strategy
Trade may attempt long with a stop on or below 2240.
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