FCPO
FCPO 3rd Month Futures (PM) - 7 Nov 2024
Thu, 07-Nov-2024 02:17 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4932
Resistance
4932 / 4956 / 4982 / 5010
Support
4891 / 4872 / 4845 / 4820
Possible Range
4870 to 4970
Strategy
Long positions may be opened above 4915 with targets 4932/4956 at stop-loss at 4895
Short positions may be opened below 4915 with targets at 4891/4872 stop-loss at 4935

FCPO Jan month dropped 2 points or 0.04% to closed slightly lower at 4915 on midday session. Malaysia's crude palm oil futures closed higher on Wednesday, with the actively traded contract rising above RM4,900 per tonne. Palm oil traders attributed the positive market sentiment to a stronger export pace and a weaker ringgit against the US dollar.

Palm prices pull back from the intraday higher of 5010 to 5015 range, forming double top pattern in smaller time frame, next session likely to be downward movement. With support see at 4900 to 4895, fail to hold could see further lower. Beware of any sentiment changes. The immediate support and resistance levels are identified at 4891 and 4932, 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