FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 16/8/2018 - Pressured by weak related edible oils, but testing rebound this morning

InvestorsDoctor
Publish date: Thu, 16 Aug 2018, 10:14 AM
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16/8/2018

 
*FCPO Nov 18*
 
Previous Close: 2216 -21
 
FCPO fell on yesterday as tracking losses in related edible oils. Watch out for Aug 1-15 Sppoma production data. Both Dalian palm olein & US soyoil dropped and testing rebound now, FCPO may gap down and test rebound later.
 
Daily chart showed FCPO testing middle line of BB, which is also around 50% Fibo retracement of previous upswing 2156-2291, watch out for any rebound signal from Fibo level. Hourly chart showed FCPO more to bearish as technical indicators crossing down.
 
 *Classic Support & Resistance*
Resistance: 2240 2271
Support: 2185 2157
 
 *Recommend Trading Plan for the day:*
1. Sell 2212, stop 2221, profit 2203/2194.
2. Look for buy signal above 2240.
 
 *FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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