FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 19/12/2019 Break down from sideway, triggered technical correction signal

InvestorsDoctor
Publish date: Thu, 19 Dec 2019, 09:54 AM
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19/12/2019
 
*FCPO Mar 20*
 
Previous Close: 2858 -20
  
FCPO once fell to test 2800 support level and managed to pull back with only 20pts of losses near market close. Related edible oils testing rebound this morning, may support FCPO prices.
 
Hourly chart formed a break down from short term sideway, triggered technical correction signal, close below 2800 for more downside.
 
*Classic Support & Resistance* 
Resistance:  2930 3000
Support:   2800 2740
 
 *Recommend Trading Plan for the day:* 
1. Buy 2860, stop 2852, profit 2868/2876/2884
2. Sell 2847, stop 2855, profit 2839/2831/2823
 
 *FCPO Margin Requirement* 
Overnight  MYR 4000
 
Disclaimer: For idea sharing only, trade at your own risk
 
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