FCPO
FCPO 3rd Month Futures - 26 Sep 2024
Thu, 26-Sep-2024 08:15 am
by Dealing Team • Apex Futures

FCPO
Pivot
4072
Resistance
4093 / 4115 / 4133 / 4151
Support
4060 / 4042 / 4023 / 4006
Possible Range
4040 to 4140
Strategy
Long positions may be opened above 4072 with targets 4093/4115 at stop-loss at 4052
Short positions may be opened below 4072 with targets at 4060/4042 stop-loss at 4092

FCPO Dec month contract rose 55 points 1.38% to close higher at 4043. Malaysia's crude palm oil futures maintained their upward trajectory, closing higher for the sixth straight day on Wednesday. Traders attributed this rise to improved export performance and decreased palm oil stocks.

Overnight Soybean oil Dec Month rose 0.81 to close higher at 44.15. Dalian’s active palm oil contract rose 142 points to close higher at 8522 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 upward channel consolidation, we might see further higher if breaking above new resistant range at 4090 to 4095, else may experiences technical correction. The immediate support and resistance levels are pinpointed at 4060 and 4093, respectively.

(News Source: Bernama)

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