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FCPO Updates

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

 

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 9/12/2019 Break higher high, above 2900 for more upside

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9/12/2019
 
*FCPO Feb 20*
 
Previous Close: 2858 +43
  
FCPO extended its gains to its highest since Sep 2017 on bullish outlook and supported by related edible oils. Dalian palm olein up more than 1% this morning, FCPO likely to test 2900 resistance level.
 
Hourly chart formed higher highs & lows, more to bullish, but be cautious as RSI in overbought. Close above 2900 to trigger more upside.
 
*Classic Support & Resistance* 
Resistance:  2900 2950
Support:   2790 2740
 
 *Recommend Trading Plan for the day:* 
1. Sell 2854, stop 2862, profit 2846/2838/2830
2. Buy 2865, stop 2857, profit 2873/2881/2889
 
 *FCPO Margin Requirement* 
Overnight  MYR 4000
 
Disclaimer: For idea sharing only, trade at your own risk
 
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