FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 6/5/2019 - More to bearish, close below 2000 for more downside

InvestorsDoctor
Publish date: Mon, 06 May 2019, 11:07 AM
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6/5/2019
 
FCPO Jul 19
 
Previous Close: 2010 -22
 
FCPO fell more than 1% on last Friday on bearish outlook and as pressured by weaker US soyoil. Related edible oils continue to go lower this morning, may limit upside of FCPO. 
 
Daily chart hit lowest since Dec 2018 after a double top bearish pattern. Trend is more to bearish but be cautious as RSI in oversold, may trigger some technical rebound.
 
Classic Support & Resistance 
Resistance:  2046 2090
Support:   1979 1940
 
 Recommend Trading Plan for the day: 
1. Sell 2005, stop 2013, profit 1997/1989/1981
 
 FCPO Margin Requirement 
Overnight  MYR 4000
 
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