FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 25/9/2019 - Potential more downside from double top bearish pattern

InvestorsDoctor
Publish date: Wed, 25 Sep 2019, 10:11 AM
InvestorsDoctor
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25/9/2019
 
*FCPO Dec 19*
 
Previous Close: 2141 -48
 
FCPO edged lower to more than 1 month low yesterday after Indonesia keep zero palm oil export levy until year end and pressured by bearish CPO production & demand outlook. Watch out for CPO Sept 1-25 export data.
 
Hourly chart break down below short term sideway and triggered double top bearish pattern, but be cautious as RSI in oversold.
 
*Classic Support & Resistance* 
Resistance:  2200 2230
Support:   2080 2050
 
 *Recommend Trading Plan for the day:* 
1. Sell 2133, stop 2141, profit 2125/2117/2109
 
 *FCPO Margin Requirement* 
Overnight  MYR 3000
 
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