FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 18/11/2019 - Sideway to higher, 2600 or 2700 wait for breakout

InvestorsDoctor
Publish date: Mon, 18 Nov 2019, 10:22 AM
InvestorsDoctor
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18/11/2019

 
*FCPO Feb 20*
 
Previous Close: 2607 -26
 
FCPO testing technical correction on last Friday as tracking weakness in related edible oils. dalian palm olein dropped on this morning, FCPO may continue to test support level. Watch out for Nov 1-15 CPO production data.
 
Hourly chart retreated from RSI overbought and testing corrective wave, close below 2590 to trigger more downside.
 
*Classic Support & Resistance* 
Resistance: 2700 2750
Support: 2520 2470
 
 *Recommend Trading Plan for the day:* 
1. Sell 2590, stop 2598, profit 2582/2574/2566
2. Buy 2615, stop 2607, profit 2623/2631/2639
 
 *FCPO Margin Requirement* 
Overnight MYR 3000
 
Disclaimer: For idea sharing only, trade at your own risk
 
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