FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 14/10/2019 - Negative news from India like to keep price lower

InvestorsDoctor
Publish date: Mon, 14 Oct 2019, 10:30 AM
InvestorsDoctor
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14/10/2019
 
*FCPO Dec 19*
 
Previous Close: 2185 -16
 
FCPO closed below 2200 level on last Friday as tracking weakness in related edible oils. Dalian palm olein continue to fall more than 1% this morning, FCPO likely gap down and test support. News that pointed India may restrict import palm oil from Malaysia expect to limit FCPO upside.
 
Hourly chart formed a long black candle to show a strong selling pressure, close below 2180 to trigger more downside.
 
*Classic Support & Resistance* 
Resistance:  2220 2260
Support:   2120 2100
 
 *Recommend Trading Plan for the day:* 
1. Sell 2181, stop 2189, profit 2173/2165/2157
 
 *FCPO Margin Requirement* 
Overnight  MYR 3000
 
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