FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 23/1/2019 - 1st day break out from sideway, bullish but with possible profit taking in short term

InvestorsDoctor
Publish date: Wed, 23 Jan 2019, 10:00 AM
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23/1/2019

 
*FCPO Apr 19*
 
Previous Close: 2263 +37
 
FCPO jumped to more than 4 month high as supported by bullish price forecast at an industry conference. Related edible oils continue rebound this morning, FCPO may test resistance 1st.
 
Hourly chart showed FCPO break out from sideway range, formed a bullish signal, but be cautious as RSi in overbought, may trigger some profit taking in short term.
 
*Classic Support & Resistance* 
Resistance: 2274 2312
Support: 2228 2200
 
 *Recommend Trading Plan for the day:* 
1. Look for buy signal above 2269.
2. Watch out for close gap signal below 2244.
 
 *FCPO Margin Requirement* 
Overnight MYR 4500
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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