FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 7/5/2019 - Bearish with possible technical rebound in short term

InvestorsDoctor
Publish date: Tue, 07 May 2019, 09:48 AM
InvestorsDoctor
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7/5/2019
 
*FCPO Jul 19*
 
Previous Close: 1984 -26
 
FCPO fell to its lowest in more than 5 months yesterday after US threats to increase tariffs on Chinese imports, sending commodities and stock markets lower. Related edible oils showed rebound this morning, FCPO may test resistance 1st.
 
Hourly chart showed a more to bearish trend, but be cautious of RSI oversold may trigger some technical rebound in short term.
 
*Classic Support & Resistance* 
Resistance:  2046 2126
Support:   1940 1900
 
 *Recommend Trading Plan for the day:* 
1. Buy 1997 for rebound, stop 1989, profit 2005/2013/2021
2. Sell 1970, stop 1978, profit 1962/1954/1946
 
 *FCPO Margin Requirement* 
Overnight  MYR 4000
 
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