FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 16/10/2019 - Strong rally in Dalian palm olein likely to limit FCPO downside

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Publish date: Wed, 16 Oct 2019, 09:34 AM
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16/10/2019
 
*FCPO Jan 20*
 
Previous Close: 2214 +10
 
FCPO pulled back from losses and settled above 2200 level yesterday. Dalian palm olein rose nearly 2% this morning, likely to boost FCPO prices.
 
Hourly chart testing rebound after island reversal chart pattern, may test to close gap around 2230 level.
 
*Classic Support & Resistance* 
Resistance:  2260 2310
Support:   2170 2100
 
 *Recommend Trading Plan for the day:* 
1. Buy 2223, stop 2215, profit 2231/2239/2247
2. Look for sell signal below 2170
 
 *FCPO Margin Requirement* 
Overnight  MYR 3000
 
Disclaimer: For idea sharing only, trade at your own risk
 
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