FCPO Updates
Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 24/10/2018 - Testing 38.2 Fibo, close lower to show more downside ahead
InvestorsDoctor
Publish date: Wed, 24 Oct 2018, 10:14 AM
InvestorsDoctor
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24/10/2018
*FCPO Jan 19*
Previous Close: 2218 -19
FCPO dragged down by weak crude oil and index market yesterday. Furthermore, sharp fall in crude oil last night continue to pressure related edible oils this morning, FCPO likely to gap down and test previous low.
Hourly chart showed FCPO in a sideway and testing 38.2 Fibo retracement of swing 2170-2293, close below 38.2 level to trigger more downside.
*Classic Support & Resistance*
Resistance: 2293 2372
Support: 2170 2120
*Recommend Trading Plan for the day:*
1. Sell 2214, stop 2220, profit 2208/2202/2196.
*FCPO Margin Requirement*
Overnight MYR 4500
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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