FCPO Updates
Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 19/10/2018 - Crude oil still falling, cap upside of FCPO
InvestorsDoctor
Publish date: Fri, 19 Oct 2018, 09:57 AM
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19/10/2018
*FCPO Jan 19*
Previous Close: 2239 -21
FCPO closed lower on yesterday as tracking weakness in related edible oils after a sharp fall in crude oil. Dalian palm olein & US soyoil continue to fall this morning, FCPO likely to test previous low.
Hourly chart showed FCPO in a sideway, wait for breakout, but slightly more to downside as the price stay below 38.2 Fibo level of swing 2372-2170.
*Classic Support & Resistance*
Resistance: 2293 2341
Support: 2222 2170
*Recommend Trading Plan for the day:*
1. Look for close gap signal above 2248, gap at around 2260.
2. If expect FCPO to follow weakness in related edible oils, sell 2240 or above, stop 2250, profit 2230/2220.
*FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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