FCPO Updates

05 Oct FCPO Daily Commentary and Trading Plan

InvestorsDoctor
Publish date: Thu, 05 Oct 2017, 10:02 AM
InvestorsDoctor
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Following Message
05/10/2017
 
FCPO Malaysia Palm Oil Dec 17 
 
Yesterday Close: 2715 +32
 
 
Soyoil breakup significant resistance level and indicate the rebound should continue, FCPO is expect to open high taday, With second consercative up day in FCPO, the rebound is likely to continue as following soybean oil price movement last night. FCPO price is expect to test 2735, which the gap have unfilled from the selling.
 
In the Hourly chart, the Fibonacci indicate the price may test 61.8 level around at 2745, if today price movement able to break this level with a hourly bar closed above 2745 (61.8% level), this may indicate further buying interest and rebound in FCPO is likely to continue.
 
Price Level to monitor today:
 
Resistance 2735 2770
Support 2670 2650.
 
Recommend Trading Plan for the day:
 
1. Buy at 2725 higher high v stop at 2709 or
2. If price go retrace 1st, buy around 2700 or below v stop at 2687.
 
Factor to watch:
 
Soyoil price movement.
MPOB survery data from CIMB, Reuters &Bloomberg
 
Margin requirement
 
Intraday      RM2500
Overnight   RM5000
Spread       RM1000

 

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