FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 2/5/2019 - More to bearish, close below 2090 for more downside

InvestorsDoctor
Publish date: Thu, 02 May 2019, 10:26 AM
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2/5/2019
 
*FCPO Jul 19*
 
Previous Close: 2095 -13
 
FCPO hit its lowest since mid of Mar 19 due to bearish outlook for palm oil stock. However, Msia decided to exempt export duty tax til 31 Dec, may support FCPO price in short term. 
 
Hourly chart showed a more to bearish trend to test 2100 support level, close below 2090 for more downside.
 
*Classic Support & Resistance* 
Resistance:  2137 2179 
Support:   2038 2000
 
 *Recommend Trading Plan for the day:* 
1. Sell 2090, stop 2098, profit 2082/2074/2066
2. Buy 2100 for technical rebound, stop 2092, profit 2108/2116/2124
 
 *FCPO Margin Requirement* 
Overnight  MYR 4000
 
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