FCPO Updates
Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 28/9/2018 - Fell more than 1% on technical correction & concerns of rising CPO inventories
InvestorsDoctor
Publish date: Fri, 28 Sep 2018, 09:56 AM
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28/9/2018
*FCPO Dec 18*
Previous Close: 2166 -24
FCPO fell more than 1% yesterday on technical correction and concerns of rising inventories weighed down CPO & related edible oils. US soyoil break above 29 while Dalian palm olein rebound from losses, FCPO may test rebound 1st later.
Hourly chart showed a sharp fall after a double top at 2199, which is also 38.2% Fibo level of swing 2303-2137. Look at Fibo retracement of swing 2137-2199, FCPO may test 38.2-61.8, which is 2161-2175.
*Classic Support & Resistance*
Resistance: 2199 2250
Support: 2137 2088
*Recommend Trading Plan for the day:*
1. If expect FCPO to track gains in US soyoil, buy 2170, stop 2164, profit 2176/2182/2188/2194.
2. Sell 2164, stop 2170, profit 2158/2152/2146.
*FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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