FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 11/10/2018 - More to bearish MPOB data weighed down FCPO

InvestorsDoctor
Publish date: Thu, 11 Oct 2018, 11:24 AM
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11/10/2018

 
FCPO Dec 18
 
Previous Close: 2193 -12
 
Please be noted that FCPO will change active month on next Monday 15/10, traders may choose to trade Jan 19 contract. FCPO fell to 1 week low after a surprise build in CPO inventories as reported by MPOB. Related edible oils dropped again as tracking weakness of crude oil and sharp sell off in stock market, FCPO today likely to gap down and test previous low.
 
Hourly chart showed FCPO in technical correction, break below 2179 likely to close downside gap. Key Fibo support level located at 2176/2160, Close below these levels likely to retest 2137 previous low.
 
 Classic Support & Resistance 
Resistance: 2217 2235 2274
Support: 2179 2137
 
 Recommend Trading Plan for the day: 
1. Look for sell signal below 2179.
 
 FCPO Margin Requirement 
Overnight MYR 4500
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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