FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 1/8/2019 - Bullish and watch out for RSI bearish divergence

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Publish date: Thu, 01 Aug 2019, 10:03 AM
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1/8/2019
 
*FCPO Oct 19*
 
Previous Close: 2070 +9
 
FCPO was slightly higher yesterday but related edible oils show weakness today after a sharp fall in US stock market. FCPO may gap down and test support level 1st. 
 
Hourly chart formed higher highs & lows, more to bullish, but be cautious of potential RSI bearish divergence. 
 
*Classic Support & Resistance* 
Resistance:  2115 2140
Support:   2020 1990
 
 *Recommend Trading Plan for the day:* 
1. Buy 2076, stop 2068, profit 2084/2092/2100
2. Sell 2067 for technical correction, stop 2075, profit 2059/2051/2043
 
 *FCPO Margin Requirement* 
Overnight  MYR 3000
 
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