FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 15/2/2019 - Rebound from Fibo retracement level

InvestorsDoctor
Publish date: Fri, 15 Feb 2019, 10:03 AM
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15/2/2019

 
*FCPO May 19*
 
Previous Close: 2293 +22
 
FCPO jumped more than 1% yesterday on expectations of slowing Feb output in line with seasonal trend and improving exports. Related edible oils not much changes in this morning, expect FCPO to trade in range 1st. Watch out for Feb 1-15 export & production data.
 
Hourly chart showed FCPO continue to hold above 61.8 Fibo retracement level of swing 2118-2366, close below 2265 to trigger more downside. 
 
*Classic Support & Resistance* 
Resistance: 2331 2366
Support: 2265 2235
 
 *Recommend Trading Plan for the day:* 
1. Trade in range 2260-2310, wait for breakout.
 
 *FCPO Margin Requirement* 
Overnight MYR 4000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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