FCPO
FCPO 3rd Month Futures - 25 Sep 2024
Wed, 25-Sep-2024 08:19 am
by Dealing Team • Apex Futures

FCPO
Pivot
4026
Resistance
4045 / 4066 / 4087 / 4106
Support
4016 / 4001 / 3984 / 3969
Possible Range
3970 to 4070
Strategy
Long positions may be opened above 4025 with targets 4045/4066 at stop-loss at 4005
Short positions may be opened below 4025 with targets at 4001/3984 stop-loss at 4045

FCPO Dec month contract rose 11 points 0.28% to close higher at 3984. Malaysian crude palm oil futures climbed for the fifth consecutive session on Tuesday due to worries about production levels. However, the gains were limited by a stronger ringgit and India, the world's largest buyer, canceling import contracts.

Overnight Soybean oil Dec Month rose 1.50 to close higher at 43.34. Dalian’s active palm oil contract rose 112 points to close higher at 8384 on previous night session.

Tracking positive performance in rival edible oil, palm prices likely to remain supported trading in upward momentum, latest chart forming a sideway consolidation, breaking above crucial resistant range at 4040 to 4045 range could see further higher, else may resisted and remain in sideway. The immediate support and resistance levels are pinpointed at 4016 and 4045, respectively.

(News Source: Reuters)

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Market Mover
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