FCPO Updates
Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 27/7/2018 - Back to 2200, a strong rebound from 3 year low
InvestorsDoctor
Publish date: Fri, 27 Jul 2018, 09:54 AM
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27/7/2018
*FCPO Oct 18*
Previous Close: 2202 +39
FCPO rebounded strongly from 3 year low to above 2200 as CPO production increase at a slower pace and as tracking strength in related edible oil after US reach a trade deal with EU. Not much changes for US soyoil & Dalian palm olein, see whether FCPO today to continue sustain above 2200 level.
Daily chart's technical indicators crossing up, showed that FCPO to test middle line of BB, with overall trend still in bearish zone. On the other hand, hourly chart showed a technical rebound from RSI bullish divergence, close above 2220 to trigger double bottom rebound signal.
*Classic Support & Resistance*
Resistance: 2220 2272
Support: 2140 2100
*Recommend Trading Plan for the day:*
1. Look for buy signal above 2220.
2. If price retrace 1st, buy 2188 or below, stop 2176, profit 2200/2212.
*FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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