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12/2/2019
*FCPO Apr 19*
Previous Close: 2266 -24
Please be noted that FCPO will change active month on this Friday 15/2, traders may choose to trade May 19 contract. FCPO fell more than 1% yesterday after release of export & production data. Related edible oils continue to drop this morning, FCPO may test further support level.
Hourly chart showed FCPO entered technical correction after a RSI bearish divergence, which also trigger a double top bearish signal.
*Classic Support & Resistance*
Resistance: 2312 2344
Support: 2244 2208
*Recommend Trading Plan for the day:*
1. Sell 2263, stop 2273, profit 2253/2243/2233.
*FCPO Margin Requirement*
Overnight MYR 5000
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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