FCPO Updates

Daily Futures Commentaries: [FCPO Malaysia Palm Oil] 22/3/2019 - Rebound and test Fibo level, but watch out for RSI overbought

InvestorsDoctor
Publish date: Fri, 22 Mar 2019, 10:35 AM
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22/3/2019

 
*FCPO June 19*
 
Previous Close: 2172 +8
 
FCPO closed slightly higher yesterday after Sppoma data showed a slowing production growth. Watch out for MPOA Mar 1-20 data. Related edible oils go lower this morning, FCPO may test support 1st.
 
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 2311
Support: 2092 2038
 
 *Recommend Trading Plan for the day:* 
1. Buy 2185, stop 2177, profit 2193/2201/2209.
 
 *FCPO Margin Requirement* 
Overnight MYR 4000
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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