FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 19/7/2018 - Close above 2200 to trigger rebound signal

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Publish date: Thu, 19 Jul 2018, 09:23 AM
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19/7/2018

 
*FCPO Oct 18*
 
Previous Close: 2211 +40
 
FCPO jumped more than 2% yesterday as tracking strength in related edible oil and as MYR weakened against USD. Watch out for 1-20 July Amspec export, Sppoma & MPOA production. US soyoil & Dalian palm olein both show rebound, FCPO likely to continue test rebound.
 
Daily chart formed 1st rebound candle from RSI oversold, may test middle line of BB around 2265. Hourly chart also show a technical rebound from RSI bullish divergence.
 
 *Classic Support & Resistance*
Resistance: 2275 2317
Support: 2156 2088
 
 *Recommend Trading Plan for the day:*
1. Buy 2219, stop 2207, profit 2231/2243.
 
 *FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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