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FCPO Updates

Author: InvestorsDoctor   |   Latest post: Wed, 20 Mar 2019, 10:14 AM

 

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 19/2/2019 - In tight range, wait for breakout

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19/2/2019

 
*FCPO May 19*
 
Previous Close: 2286 +13
 
FCPO rebounded slightly yesterday as tracking strength in related edible oils. Dalian palm olein up more than 1% this morning, FCPO may gap up and continue to test rebound.
 
Hourly chart showed FCPO continue to hold above 61.8 Fibo retracement level of swing 2118-2366, close below 2265 to trigger more downside. 
 
*Classic Support & Resistance* 
Resistance: 2303 2331 2366
Support: 2265 2235 2195
 
 *Recommend Trading Plan for the day:* 
1. Trade in range 2260-2310, wait for breakout.
2. Look for sell signal below 2265.
3. Look for buy signal above 2303.
 
 *FCPO Margin Requirement* 
Overnight MYR 4000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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