FCPO
FCPO 3rd Month Futures - 18 Oct 2024
Fri, 18-Oct-2024 08:21 am
by Dealing Team • Apex Futures

FCPO
Pivot
4285
Resistance
4308 / 4330 / 4351 / 4372
Support
4282 / 4261 / 4242 / 4233
Possible Range
4250 to 4350
Strategy
Long positions may be opened above 4308 with targets 4330/4351 at stop-loss at 4288
Short positions may be opened below 4308 with targets at 4282/4261 stop-loss at 4328

FCPO Jan month contract dropped 33 points or 0.77% to close lower at 4278. Malaysia's crude palm oil futures closed lower on Thursday influenced by a decline in CBOT soyoil futures, according to a palm oil trader.

Overnight Soybean oil Dec Month rode 0.91 to close higher at 42.59. Dalian’s active palm oil contract dropped 16 points to close lower at 8906 on previous night session.

Tracking mixed performance in rival oil market, palm prices could trade within a range. The price remains in sideway consolidation and likely with middle of the range, potentially for upside movement if breaking above 4305 to 4310. The immediate support and resistance levels are pinpointed at 4280 and 4308, respectively.

(News Source: Bernama)

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Market Mover
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