FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 15/8/2019 - Bullish but watch out as RSI in overbought

InvestorsDoctor
Publish date: Thu, 15 Aug 2019, 10:14 AM
InvestorsDoctor
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15/8/2019
 
*FCPO Nov 19*
 
Previous Close: 2240 +8
 
Please be noted that active month will change after today 15/8, may choose to trade Nov 19. FCPO settled slightly higher yesterday, recovered its losses from earlier session as supported by rebound in related edbile oils. Dalian palm olein holds its gains this morning, FCPO may test resistance level 1st. Watch out for Aug 1-15 CPO production & export data.
 
4H chart formed higher highs & lows, more to bullish, but be cautious as RSI in overbought.
 
*Classic Support & Resistance* 
Resistance:  2300 2350
Support:   2170 2100
 
 *Recommend Trading Plan for the day:* 
1. Buy 2243, stop 2235, profit 2251/2259/2267
2. Sell 2229 for correction, stop 2237, profit 2221/2213/2205
 
 *FCPO Margin Requirement* 
Overnight  MYR 3000
 
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