FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 21/2/2019 - Testing 50% Fibo retracement level

InvestorsDoctor
Publish date: Thu, 21 Feb 2019, 10:16 AM
InvestorsDoctor
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21/2/2019

 
*FCPO May 19*
 
Previous Close: 2245 -15
 
FCPO fell to 1 month low yesterday after a slowing Feb 1-20 export data. Watch out for Feb 1-20 CPO production data. Related edible oils continue to decline this morning, FCPO may test support 1st.
 
Hourly chart showed FCPO down to test 50% Fibo retracment level of swing 2118-2366, wait for confirmation.
 
*Classic Support & Resistance* 
Resistance: 2270 2311 2331
Support: 2195 2166
 
 *Recommend Trading Plan for the day:* 
1. Sell 2237, stop 2246, profit 2228/2219/2210.
 
 *FCPO Margin Requirement* 
Overnight MYR 4000
Spread MYR 1200
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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