FCPO Updates

27 Nov - Bearish Bias in FCPO

InvestorsDoctor
Publish date: Mon, 27 Nov 2017, 10:29 AM
InvestorsDoctor
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Following Message
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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