FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 5/12/2019 Retest previous high, above 2800 to continue rebound

InvestorsDoctor
Publish date: Thu, 05 Dec 2019, 09:49 AM
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5/12/2019
 
*FCPO Feb 20*
 
Previous Close: 2773 +26
  
FCPO ended higher yesterday to retest previous high, as boosted by stronger related edible oils. Dalian palm olein up around 0.4% this morning, FCPO likely to test 2800 level.
 
Hourly chart formed higher highs & lows, more to bullish, but be cautious of potential RSI bearish divergence. Close above 2780 to trigger more upside.
 
*Classic Support & Resistance* 
Resistance:  2800 2850
Support:   2740 2680
 
 *Recommend Trading Plan for the day:* 
1. Buy 2783, stop 2775, profit 2791/2799/2807
 
 *FCPO Margin Requirement* 
Overnight  MYR 4000
 
Disclaimer: For idea sharing only, trade at your own risk
 
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