FCPO Updates
27 Nov - Bearish Bias in FCPO
InvestorsDoctor
Publish date: Mon, 27 Nov 2017, 10:29 AM
InvestorsDoctor
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27/11/2017
FCPO Feb 18
Previous Close: 2630 +21
FCPO rose on last Friday, supported by stronger crude oil price and slightly weaker MYR. However, bearish US soyoil data released by USDA last Friday push down its price to below 34 this morning, together with Dalian palm olein fall more than 1.3% now. FCPO later likely open low, retest 2606/2586 previous low.
Based on hourly chart, technical indicators show neutral yet daily chart still in more to bearish sentiment as RSI approaching oversold and MACD crossing down below zero.
Price Level to monitor today:
Resistance: 2650 2690
Support: 2606 2586
Recommend Trading Plan for the day:
1. Sell 2623-2628, stop 2638, profit 2608-2618.
2. Look for further sell signal if open break below 2606
FCPO Margin Requirement
Intraday MYR 2250
Overnight MYR 4500
Spread MYR 1000
Disclaimer: Idea for sharing purpose, trade at your own risk.
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