FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 29/1/2019 - Higher highs & lows, bullish but be cautious of RSI overbought

InvestorsDoctor
Publish date: Tue, 29 Jan 2019, 10:04 AM
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29/1/2019

 
*FCPO Apr 19*
 
Previous Close: 2327 +33
 
FCPO settled higher at 7 month high yesterday as supported by the strength in related edible oils. Dalian palm olein and US soyoil remain steady on this morning, likely to support FCPO.
 
Hourly chart formed higher highs & lows, more to bullish but trade with cautious as RSI in overbought.
 
*Classic Support & Resistance* 
Resistance: 2412 2457
Support: 2244 2208
 
 *Recommend Trading Plan for the day:* 
1. Buy 2334, stop 2324, profit 2344/2354/2364.
2. Look for technical correction sell signal below 2315.
 
 *FCPO Margin Requirement* 
Overnight MYR 5000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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