FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 23/10/2018 - Rebound from 38.2 Fibo, may retest previous high

InvestorsDoctor
Publish date: Tue, 23 Oct 2018, 09:48 AM
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23/10/2018

 
*FCPO Jan 19*
 
Previous Close: 2237 +13
 
FCPO settled slightly higher yesterday as supported by related edible oils & weaker MYR. Watch out for Oct 1-20 MPOA production data. Dalian palm olein & US soyoil up this morning, FCPO likely to gap down and test previous high.
 
Hourly chart showed FCPO rebounded from 38.2 Fibo level of swing 2372-2170, close above 61.8 around 2246 to trigger more rebound signal.
 
 *Classic Support & Resistance* 
Resistance: 2293 2372
Support: 2170 2120
 
 *Recommend Trading Plan for the day:* 
1. Buy 2244, stop 2234, profit 2254/2264.
2. Look for sell signal below 2215.
 
 *FCPO Margin Requirement* 
Overnight MYR 4500
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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