FCPO Updates
Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 6/7/2018 - Market stay cautious ahead of MPOB data
InvestorsDoctor
Publish date: Fri, 06 Jul 2018, 10:12 AM
InvestorsDoctor
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6/7/2018
*FCPO Sep 18*
Previous Close: 2284 -14
FCPO settled lower yesterday as tracking weakness in related edible oils ahead of trade war and as market stay cautious ahead of MPOB data. US soyoil broke below 29 last night while Dalian palm olein -0.2% this morning, FCPO may test support 1st.
Daily chart showed FCPO testing rebound above middle line of BB, yet to be confirmed, but trend weakening with lower highs & lows. Hourly chart showed FCPO testing area 38.2-61.8 of Fibo retracement of previous swing (2238-2348), but technical indicators pointed mroe to downside.
*Classic Support & Resistance*
Resistance: 2348 2399
Support: 2238 2200
*Recommend Trading Plan for the day:*
1. Sell 2277, stop 2287, profit 2267/2257.
*FCPO Margin Requirement*
Intraday MYR 2250
Overnight MYR 4500
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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