FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 26/8/2019 - Likely to gap up after China retaliating with new tariff on US goods

InvestorsDoctor
Publish date: Mon, 26 Aug 2019, 09:45 AM
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26/8/2019
 
*FCPO Nov 19*
 
Previous Close: 2262 +6
 
FCPO hit its highest since Mar 2019 as tracking strength in related edible oils. Dalian palm olein up more than 2% this morning after China retaliated with new tariff on US goods. FCPO likely gap up and test resistance.
 
Daily chart formed higher highs & lows, more to bullish, but be cautious of potential RSI bearish divergence.
 
*Classic Support & Resistance* 
Resistance:  2300 2350
Support:   2210 2150
 
 *Recommend Trading Plan for the day:* 
1. Buy 2272, stop 2264, profit 2280/2288/2296
 
 *FCPO Margin Requirement* 
Overnight  MYR 3000
 
Disclaimer: For idea sharing only, trade at your own risk
 
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