FCPO Updates
Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 16/11/2018 - Trend is still more to bearish, but watch out for potential RSI bullish divergence
InvestorsDoctor
Publish date: Fri, 16 Nov 2018, 10:14 AM
InvestorsDoctor
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16/11/2018
*FCPO Feb 19*
Previous Close: 2049 +10
FCPO formed a bottom rebound yesterday after Nov 1-15 CPO export data show some recovery. Continue to watch out Nov 1-15 production data. Related edible oils also rebound this morning, FCPO may test resistance 1st.
Hourly chart formed techncial rebound from RSI oversold, watch out for potential bullish divergence. However, FCPO still below middle line of BB, more to bearish.
*Classic Support & Resistance*
Resistance: 2125 2218
Support: 2000 1950
*Recommend Trading Plan for the day:*
1. If expect FCPO to track strength of related edible oils, buy 2052, stop 2045, profit 2059/2066/2073.
*FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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