FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 31/1/2019 - Trade in BB channel, watch out for Jan data

InvestorsDoctor
Publish date: Thu, 31 Jan 2019, 09:55 AM
InvestorsDoctor
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31/1/2019

 
*FCPO Apr 19*
 
Previous Close: 2303 +9
 
FCPO rebounded from technical correction yesterday and closed above 2300 ahead of Jan full month data. Related edible oils not much changes this morning, FCPO may trade in range 1st and watch out for Jan 1-31 export & production data.
 
Hourly chart showed FCPO in a RSI overbought technical correction and sustain above 38.2 Fibo retracement level of swing 2244-2333, close above 2333 to trigger more upside, or close below 2276 to trigger more downside.
 
*Classic Support & Resistance* 
Resistance: 2348 2413
Support: 2244 2208
 
 *Recommend Trading Plan for the day:* 
1. Trade in range 2270-2340.
 
 *FCPO Margin Requirement* 
Overnight MYR 5000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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