FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 11/6/2019 - Watch out for potential double top bearish pattern

InvestorsDoctor
Publish date: Tue, 11 Jun 2019, 10:16 AM
InvestorsDoctor
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11/6/2019
 
*FCPO Aug 19*
 
Previous Close: 1994 -34
 
FCPO fell nearly 2% yesterday as weighed down by related edible oils and more to bearish CPO export data. 
 
4H chart showed a breakdown below 2000 level and testing for a double top bearish pattern, close below 1993 to trigger more downside. 
 
*Classic Support & Resistance* 
Resistance:  2075 2115
Support:   1940 1900
 
 *Recommend Trading Plan for the day:* 
1. Sell 1990, stop 1998, profit 1982/1974/1966
 
 *FCPO Margin Requirement* 
Overnight  MYR 4000
 
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