FCPO
FCPO 3rd Month Futures (PM) - 11 Nov 2024
Mon, 11-Nov-2024 01:34 pm
by Dealing Team • Apex Futures

FCPO
Pivot
5093
Resistance
5110 / 5128 / 5141 / 5155
Support
5079 / 5066 / 5048 / 5031
Possible Range
5050 to 5150
Strategy
Long positions may be opened above 5093 with targets 5110/5128 at stop-loss at 5073
Short positions may be opened below 5093 with targets at 5079/5066 stop-loss at 5113

FCPO Jan month closed flat at 5101 on midday session. Malaysian crude palm oil futures rose for a third consecutive week on Friday, buoyed by projections on palm oil production and prices for 2024-2025 presented at a major industry conference in Bali.

Palm prices remain trading in upward channel consolidation, with the price touched the intraday low at 5060 to 5055 range and bounce back, serve as crucial support range. While on upside it seems resisted at the range of 5105 to 5110, if breaking above could see further higher, beware of any technical correction if fail to break. The immediate support and resistance levels are identified at 5079 and 5110, respectively. 

(News Source: Reuters)

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