FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 4/12/2018 - Fell to test 2000 level ahead of MPOB data

InvestorsDoctor
Publish date: Tue, 04 Dec 2018, 09:38 AM
InvestorsDoctor
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4/12/2018

 
*FCPO Feb 19*
 
Previous Close: 2000 -40
 
FCPO Fell nearly 2% yesterday as hit by concerns over high stockpiles and expectations that Indonesia would remove its palm oil export levy. Watch out for more supply & demand data, especially MPOB. Related edible oils showed some correction, may limit upside of FCPO.
 
Hourly chart showed FCPO move in range and retreat from high of 2064, close below 1987 which is 38.2 Fibo level to trigger more downside to 1940 previous low
 
 *Classic Support & Resistance* 
Resistance: 2078 2155
Support: 1940 1900
 
 *Recommend Trading Plan for the day:* 
1. Look for sell signal below 1988.
 
 *FCPO Margin Requirement* 
Overnight MYR 4500
Spread MYR 1200
 
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