FCPO Updates
Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 26/7/2018 - Foreign commodities up after US reach a trade deal with EU, support FCPO
InvestorsDoctor
Publish date: Thu, 26 Jul 2018, 10:32 AM
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26/7/2018
*FCPO Oct 18*
Previous Close: 2163 +11
FCPO hit 3 year low but pulled back and closed with gains yesterday as supported by recovering CPO export data. Watch out for Jul 1-20 MPOA production data and Jul 1-25 Sppoma production data. US soyoil & Dalian palm olein up after US reach a trade deal with EU, FCPO may gap up and continue to test rebound 1st.
FCPO managed to close above previous low while there is a potential RSI bullish divergence in hourly chart, may see some technical rebound in short term. However, overall trend still more to bearish as candles formed lower highs & lows and technical indicators pointed more to downside.
*Classic Support & Resistance*
Resistance: 2220 2272
Support: 2140 2100
*Recommend Trading Plan for the day:*
1. Look for buy signal above 2176.
2. Look for sell signal below 2140.
*FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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