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FCPO Updates

Author: InvestorsDoctor   |   Latest post: Fri, 17 May 2019, 9:46 AM

 

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 11/1/2019 - Bearish MPOB data to limit upside of FCPO

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11/1/2019

 
*FCPO Mar 19*
 
Previous Close: 2163 -19
 
Please be noted that FCPO will change active month on next Tuesday (15/1), traders may choose to trade Apr 18 contract. FCPO settled lower yesterday as pressured by bearish MPOB data. Watch out for Jan 1-10 CPO production data. Related edible oils continue to drop on this morning, likely to limit upside of FCPO.  
 
2200 level remain as strong resistance, FCPO back into range of 2090-2200. Fibo retracement of swing 2093-2202 suggested that close below 2135 (38.2) to trigger more downside to below 2100. Technical indicators more to neutral while price move in BB channel.
 
*Classic Support & Resistance* 
Resistance: 2200 2265
Support: 2093 2001
 
 *Recommend Trading Plan for the day:* 
1. Trade in range 2140-2190, wait for breakout.
 
 *FCPO Margin Requirement* 
Overnight MYR 4500
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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