FCPO
FCPO 3rd Month Futures - 21 Oct 2024
Mon, 21-Oct-2024 08:26 am
by Dealing Team • Apex Futures

FCPO
Pivot
4287
Resistance
4287 / 4312 / 4336 / 4357
Support
4242 / 4219 / 4197 / 4178
Possible Range
4210 to 4310
Strategy
Long positions may be opened above 4270 with targets 4287/4312 at stop-loss at 4250
Short positions may be opened below 4270 with targets at 4242/4219 stop-loss at 4290

FCPO Jan month contract dropped 23 points or 0.54% to close lower at 4255. Malaysia's crude palm oil futures declined for the second straight day on Friday, following the trend of CBOT soyoil. A palm oil trader noted that falling crude oil prices also dampened sentiment for the golden crop.

Overnight Soybean oil Dec Month dropped 0.77 to close lower at 41.82. Dalian’s active palm oil contract dropped 122 points to close lower at 8818 on previous night session.

Tracking bearish performance in rival oil market, palm prices could trade in downside bias with a sideway consolidation range.  Breaking below previous low at 4230 to 4235 range could see further lower. Beware of any sentiment changes. The immediate support and resistance levels are pinpointed at 4242 and 4287, respectively.

(News Source: Bernama)

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Market Mover
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