FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 13/7/2018 - Ended lower again, Thomas Mielke: CPO may fall to MYR2100 per tonne

InvestorsDoctor
Publish date: Fri, 13 Jul 2018, 09:56 AM
InvestorsDoctor
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13/7/2018

 
*FCPO Sep 18*
 
Previous Close: 2186 -18
 
Please be noted that active month will change to Oct 18 by end of this week, traders may choose to trade Oct 18. FCPO settled at lower low again yesterday as tracking weakness in related edible oils. Dalian palm olein & US soyoil trending lower, FCPO may gap down and test support 1st. Edible oil analyst Thomas Mielke told that palm oil could drop to as low as MYR2100 per tonne in the medium term.
 
Daily chart formed 8 down sessions in a row with lower highs & lows, more to bearish, but watch out for potential technical rebound from RSI oversold and there is also a potential RSI bullish divergence, waiting confirmation.
 
 *Classic Support & Resistance*
Resistance: 2231 2272
Support: 2143 2088
 
 *Recommend Trading Plan for the day:*
1. Look for sell signal below 2176 yesterday low.
 
 *FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
 
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