FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 13/2/2019 - Watch out for technical rebound from RSI oversold

InvestorsDoctor
Publish date: Wed, 13 Feb 2019, 09:42 AM
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13/2/2019

 
*FCPO Apr 19*
 
Previous Close: 2254 -12
 
Please be noted that FCPO will change active month by this Friday 15/2, traders may choose to trade May 19 contract. FCPO declined slightly yesterday as tracking weakness in related edible oils. However, Dalian palm olein & US soyoil show some rebound this morning, FCPO may test to rebound 1st.
 
Hourly chart showed FCPO move in a tight range, close below 2247 to trigger more downside. Prce now at around RSi oversold zone, which is also 61.8 Fibo retracement level of swing 2093-2344, watch out if any rebound from this level.
 
*Classic Support & Resistance* 
Resistance: 2312 2344
Support: 2208 2165
 
 *Recommend Trading Plan for the day:* 
1. Sell 2246, stop 2256, profit 2236/2226.
 
 *FCPO Margin Requirement* 
Overnight MYR 4000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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