FCPO
FCPO 3rd Month Futures (PM) - 30 Oct 2024
Wed, 30-Oct-2024 01:59 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4615
Resistance
4627 / 4639 / 4656 / 4672
Support
4600 / 4582 / 4570 / 4558
Possible Range
4560 to 4660
Strategy
Long positions may be opened above 4615 with targets 4627/4639 at stop-loss at 4595
Short positions may be opened below 4615 with targets at 4600/4582 stop-loss at 4635

FCPO Dec month dropped 31 points or 0.67% to closed lower at 4606 on midday session. Malaysian crude palm oil futures declined on Wednesday for the third time in four sessions, though higher crude oil prices and a weaker ringgit provided some support.

Palm prices trading within a sideway consolidation, the upside remain intact in daily chart however we anticipate a technical correction before the market continue it uptrend, breaking below 4600 could see further lower. The immediate support and resistance levels are identified at 4600 and 4627, respectively. 

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.231055 4.263804
EUR 4.979682 4.983636
CNY 0.591415 0.591888
HKD 0.539065 0.542720
SGD 3.309111 3.331706