FCPO Updates

Author: InvestorsDoctor   |   Latest post: Tue, 31 Dec 2019, 9:39 AM


Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 14/3/2019 - More to bearish but watch out for RSI bullish divergence

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*FCPO May 19*

Previous Close: 2091 -25

Please be noted that FCPO will change active month by this Friday 15/3, traders may choose to trade Jun 19. FCPO hit nearly 3 months low on bearish CPO outlook and as tracking weakness in related edible oils. Dalian palm olein continue to drop today, FCPO likely to gap down and test support.

Hourly chart showed FCPO testing below 38.2 Fibo retracement level of swing 1940-2344 around 2094, trigger more potential downside to 1940 previous low, but be cautious of potential RSI bullish divergence.

*Classic Support & Resistance*
Resistance: 2144 2217
Support: 1979 1940

*Recommend Trading Plan for the day:*
1. Sell 2069, stop 2077, profit 2061/2053/2045.
2. Buy 2101 for technical rebound, stop 2093, profit 2109/2117/2125.

*FCPO Margin Requirement*
Overnight MYR 4000
Spread MYR 1200

Disclaimer: Idea sharing only, trade at your own risk.

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firehawk supply is more than demand ... from indonesia too ....
14/03/2019 10:13 AM



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