FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 17/5/2019 - Double bottom, potential upside

InvestorsDoctor
Publish date: Fri, 17 May 2019, 09:46 AM
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17/5/2019
 
FCPO Aug 19
 
Previous Close: 2096 +67
 
FCPO rose more than 2 week high as tracking strength in related edible oils. Dalian palm olein up more than 1% this morning, FCPO may continue to test rebound.
 
Hourly chart formed double bottom bullish pattern, watch out for 50%-61.8% Fibo retracement level which is around 2100-2130.
 
Classic Support & Resistance 
Resistance:  2137 2179 2235
Support:   2028 1960
 
 Recommend Trading Plan for the day: 
1. Buy 2100, stop 2092, profit 2108/2116/2124
 
 FCPO Margin Requirement 
Overnight  MYR 4000
 
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