FCPO Updates
Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 21/3/2019 - Rebound for 2nd day, watch out for production data
InvestorsDoctor
Publish date: Thu, 21 Mar 2019, 10:28 AM
InvestorsDoctor
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21/3/2019
*FCPO June 19*
Previous Close: 2164 +33
FCPO posted a strong rebound for 2nd day after release of Mar 1-20 CPO export data. Continue to watch out Mar 1-20 CPO production data. Related edible oil continue to rebound this morning, FCPO likely to sustain rebound stage.
Hourly chart showed FCPO hold above 38.2 Fibo retracement level of swing 2344-2038 which is around 2155, may test 50-61.8 level at around 2191/2227. Technical indicators trending up, but watch out for RSI overbought.
*Classic Support & Resistance*
Resistance: 2217 2278
Support: 2092 2038
*Recommend Trading Plan for the day:*
1. Buy 2173, stop 2165, profit 2181/2189/2197.
*FCPO Margin Requirement*
Overnight MYR 4000
Spread MYR 1200
Disclaimer: Idea sharing only, trade at your own risk.
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