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FCPO Updates

Author: InvestorsDoctor   |   Latest post: Thu, 17 Oct 2019, 9:43 AM

 

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 12/2/2019 - Continue to fall after data release, triggered double top signal

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12/2/2019

 
*FCPO Apr 19*
 
Previous Close: 2266 -24
 
Please be noted that FCPO will change active month on this Friday 15/2, traders may choose to trade May 19 contract. FCPO fell more than 1% yesterday after release of export & production data. Related edible oils continue to drop this morning, FCPO may test further support level.
 
Hourly chart showed FCPO entered technical correction after a RSI bearish divergence, which also trigger a double top bearish signal.
 
*Classic Support & Resistance* 
Resistance: 2312 2344
Support: 2244 2208
 
 *Recommend Trading Plan for the day:* 
1. Sell 2263, stop 2273, profit 2253/2243/2233.
 
 *FCPO Margin Requirement* 
Overnight MYR 5000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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