FCPO Updates
Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 21/11/2018 - Weakness in related edible oils & crude oil price likely to weigh down FCPO
InvestorsDoctor
Publish date: Wed, 21 Nov 2018, 09:50 AM
InvestorsDoctor
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21/11/2018
*FCPO Feb 19*
Previous Close: 1986 +14
FCPO closed slightly higher on technical buying before the holiday but still below 2000. Related edible oils extended their downside as pressured by weakening crude oil price, expect FCPO continue its bearish trend. Watch out for CPO Nov 1-20 export & production data.
Hourly chart showed close below 1965 to trigger more downside, but watch out for potential technical rebound in short term as technical indicators crossing up, overall in a bearish trend.
*Classic Support & Resistance*
Resistance: 2066 2155
Support: 1950 1900
*Recommend Trading Plan for the day:*
1. Look for sell signal below 1965.
*FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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