FCPO Updates
12 Dec - FCPO followed Head & Shoulder Bearish Signal
InvestorsDoctor
Publish date: Tue, 12 Dec 2017, 10:14 AM
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12/12/2017
FCPO Feb 18
Previous Close: 2459 -18
FCPO Feb 18 contract near active month change, traders may choose to trade Mar 18. FCPO recorded a 6 straight day of losses as market expect bearish inventory & export data, despite that Sppoma data show decrease in production. Today watch out for MPOB result by noon. Dalian palm olein +0.48% this morning, while US soyoil rebound to around 33.50, FCPO later may test rebound 1st.
Daily chart show another lower low & high, extend its downside since triggered double top follow by hourly chart head & shoulder bearish signal. Be cautious of potential technical rebound as daily RSI in oversold and uncertainty over MPOB result.
Price Level to monitor today:
Resistance: 2497 2530
Support: 2424 2400
Recommend Trading Plan for the day:
1. Buy 2464 or below for a rebound, stop 2454, profit 10pts or above.
2. Sell lower low 2454, stop 2464, profit 10pts or above.
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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