FCPO
FCPO 3rd Month Futures - 19 Nov 2024
Tue, 19-Nov-2024 08:14 am
by Dealing Team • Apex Futures

FCPO
Pivot
4870
Resistance
4907 / 4934 / 4963 / 4990
Support
4870 / 4845 / 4824 / 4790
Possible Range
4850 to 4950
Strategy
Long positions may be opened above 4905 with targets 4934/4963 at stop-loss at 4885
Short positions may be opened below 4905 with targets at 4870/4845 stop-loss at 4925

FCPO Feb month contract dropped 189 points or 3.71% to close lower at 4899. Malaysian crude palm oil futures dropped over 3% on Monday, pressured by a decline in Dalian palm olein prices.

Overnight Soybean oil Dec Month rose 0.17 to close higher at 45.52 Dalian’s active palm oil contract dropped 172 points to close lower at 9820 on previous night session.

Tracking mixed performance in rival oil market, the palm prices likely to trading within a range of sideway consolidation with crucial support and bottom of the range see at 4830 to 4835 and next move potentially moving upward bias, resistant see at 4900 to 4905, breaking above could see further higher but limited. The immediate support and resistance levels are pinpointed at 4870 and 4907, respectively.

(News Source: Reuters)

Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.449296 4.484012
EUR 4.692599 4.701308
CNY 0.615732 0.616932
HKD 0.571606 0.576092
SGD 3.310067 3.336427