FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 30/1/2019 - Enter RSI overbought correction, close below 2278 to trigger more downside

InvestorsDoctor
Publish date: Wed, 30 Jan 2019, 10:14 AM
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30/1/2019

 
*FCPO Apr 19*
 
Previous Close: 2294 -33
 
FCPO entered technical correction yesterday ahead of Jan 19 full month export & production data. Related edible oils drop this morning, FCPO may continue to test support 1st.
 
Hourly chart showed FCPO retreat from RSI overbought, close below 38.2 Fibo retracement level of swing 2244-2333 which is around 2278 likely to trigger more downside.
 
*Classic Support & Resistance* 
Resistance: 2348 2413
Support: 2244 2208
 
 *Recommend Trading Plan for the day:* 
1. Sell 2289 for technical correction, stop 2299, profit 2279/2269.
2. Look for buy signal above 2310.
 
 *FCPO Margin Requirement* 
Overnight MYR 5000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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