Another pressure day for FCPO short term technical trend indicator Y after seeing the release of MPOB figures. End month palm oil stock for April up nearly 18% at 2.194 million tons due to higher production and lower export.
We will probably be able to see the stop and reverse trade sell signal at 5pm or/and 6pm trades after 4pm data collection especially if cpo futures price is traded below 2160 at 4pm later today. So, please eye on the write-up after 4pm if the cpo futures price is traded lower in the afternoon trading session. The indicator Y long 2145 will be in profit trade or losing trade?
The indicator Y short 1856.5 on FKLI will have to take profit and turn long once the index futures is last traded above 1813 at 4pm later today.
In short, take profit turn long if 4pm 1813.5 or higher. Otherwise, hold on short and wait for next update.