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

 

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 11/12/2019 Hold above 2900 bull zone despite below expectation's MPOB data

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11/12/2019
 
*FCPO Feb 20*
 
Previous Close: 2903 +1
  
FCPO managed to hold above 2900 level, despite less than expected fall in palm oil stock as reported by MPOB dragged down CPO prices during the session. Dalian palm olein trade in range today, FCPO may enter short term sideway.
 
Hourly chart formed higher highs & lows, more to bullish, but be cautious as RSI in overbought. Close above 2930 to trigger more upside.
 
*Classic Support & Resistance* 
Resistance:  2950 3000
Support:   2850 2790
 
 *Recommend Trading Plan for the day:* 
1. Trade in range 2870-2930, wait for breakout
 
 *FCPO Margin Requirement* 
Overnight  MYR 4000
 
Disclaimer: For idea sharing only, trade at your own risk
 
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