FCPO
FCPO 3rd Month Futures - 9 Oct 2024
Wed, 09-Oct-2024 08:26 am
by Dealing Team • Apex Futures

FCPO
Pivot
4230
Resistance
4230 / 4249 / 4267 / 4290
Support
4206 / 4182 / 4165 / 4146
Possible Range
4170 to 4270
Strategy
Long positions may be opened above 4230 with targets 4249/4267 at stop-loss at 4210
Short positions may be opened below 4230 with targets at 4206/4182 stop-loss at 4250

FCPO Dec month contract dropped 72 points 1.66% to close lower at 4271. Malaysia's crude palm oil futures ended lower on Tuesday, breaking a two-day winning streak. This decline was driven by falling crude oil and soybean oil prices, according to a palm oil trader. The recent rally also prompted profit-taking activities.

Overnight Soybean oil Dec Month dropped 1.48 to close lower at 43.09. Dalian’s active palm oil contract dropped 236 points to close lower at 8636 on previous night session.

Tracking bearish performance in rival oil market, palm prices could continue to trading in downside bias, the price is at the crucial support of 4205 to 4200, breaking below potentially see further lower price, beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4206 and 4230, respectively.

(News Source: Reuters)

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Market Mover
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