FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 18/2/2019 - Testing 61.8 Fibo level

InvestorsDoctor
Publish date: Mon, 18 Feb 2019, 09:56 AM
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18/2/2019

 
*FCPO May 19*
 
Previous Close: 2273 -20
 
FCPO settled lower on last Friday despite a more to bullish CPO export data as the price tracking weakness in related edible oils. Dalian palm olein testing rebound this morning, FCPO may trade in range 1st. Watch out for Feb 1-15 CPO 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: 2303 2331 2366
Support: 2265 2235 2195
 
 *Recommend Trading Plan for the day:* 
1. Trade in range 2260-2310, wait for breakout.
2. Sell 2264, stop 2274, profit 2254/2244.
 
 *FCPO Margin Requirement* 
Overnight MYR 4000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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