FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 14/2/2019 - In technical correction, watch out for Fibo retracement level

InvestorsDoctor
Publish date: Thu, 14 Feb 2019, 10:07 AM
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14/2/2019

 
*FCPO Apr 19*
 
Previous Close: 2250 -4
 
Please be noted that FCPO will change active month by tomorrow 15/2, traders may choose to trade May 19 contract. FCPO was little changed yesterday ahead of Feb 1-15 data. Related edible oils also move in flat this morning, expect FCPO to move in range too.
 
Hourly chart showed FCPO entered a technical correction from RSI bearish divergence, Price sustain above 61.8 Fibo retracement level of swing 2093-2344, close below 2244 to trigger more downside.
 
*Classic Support & Resistance* 
Resistance: 2312 2344
Support: 2208 2165
 
 *Recommend Trading Plan for the day:* 
1. Sell 2243, stop 2253, profit 2233/2223.
 
 *FCPO Margin Requirement* 
Overnight MYR 4000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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