FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 5/11/2018 - technical rebound but more to bearish

InvestorsDoctor
Publish date: Mon, 05 Nov 2018, 10:25 AM
InvestorsDoctor
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5/11/2018

*FCPO Jan 19*

Previous Close: 2153 +9

FCPO recovered from losses near 2100 and managed to end the day with positive gains on technical rebound of related edible oils & weak MYR after good news from US-China talk. Watch out for Nov 1-5 CPO export & production data and upcoming MPOB data. Related edible oils not much changes today, FCPo likely to move in range 1st.

Hourly chart showed a technical rebound from RSI bullish divergence, testing 50% Fibo retracement of swing 2193-2108. Close above 61.8 around 2161 may retest 2200 level.

*Classic Support & Resistance*
Resistance: 2193 2215
Support: 2108 2088

*Recommend Trading Plan for the day:*
1. Buy 2156 for technical rebound, stop 2149, profit 2163/2170/2177.
2. Look for sell signal below 2130.

*FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200

Disclaimer: Idea sharing only, trade at your own risk.

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