FCPO
FCPO 3rd Month Futures - 18 Oct 2024
Fri, 18-Oct-2024 02:00 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4300
Resistance
4300 / 4336 / 4353 / 4367
Support
4282 / 4265 / 4251 / 4238
Possible Range
4250 to 4350
Strategy
Long positions may be opened above 4280 with targets 4300/4336 at stop-loss at 4260
Short positions may be opened below 4280 with targets at 4265/4251 stop-loss at 4300

FCPO Dec month dropped 7 points or 0.16% to closed lower at 4271 on midday session. Malaysian crude palm oil futures rebounded on Friday, driven by gains in rival oils and crude oil prices, but ultimately closed lower after hitting an intraday high. Despite this, the market remains on track for its fifth consecutive weekly gain.

Palm oil hit an intraday high of 4,378 before slipping below 4,300, signaling potential for lower trading in the next session. Sell on rebound remains the key strategy, but watch for any sentiment shifts. The immediate support and resistance levels are identified at 4282 and 4300, respectively. 

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 3.936314 3.967989
EUR 4.615974 4.625491
CNY 0.577616 0.578239
HKD 0.502266 0.506322
SGD 3.083269 3.108163