FCPO Updates
[Palm Oil Futures] - Expectation of Reducing Production Soar Price Higher, Trader Please BUY!!
InvestorsDoctor
Publish date: Tue, 09 Jan 2018, 10:02 AM
InvestorsDoctor
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9/1/2018
FCPO Mar 18
Previous Close: 2625 +31
FCPO rebounded from early losses to rise over 1% near market close yesterday, as market expects improving demand and lower production in coming months. Flood condition in Pahang, Johor and East Malaysia also lend support to the price. US soyoil dropped to 33.5+ overnight and Dalian palm olein +0.26% this morning, FCPO may see some profit taking 1st later before testing higher high.
Daily chart closed with strong white candle yesterday, formed a higher high buy signal. Hourly chart show technical indicators in rebound.
Price Level to monitor today:
Resistance: 2649 2683
Support: 2562 2526
Recommend Trading Plan for the day:
1. Buy higher high 2632, stop 2617, profit 2647
2. If retrace 1st, look for another buy signal.
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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