FCPO
FCPO 3rd Month Futures (PM) - 27 Nov 2024
Wed, 27-Nov-2024 01:44 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4750
Resistance
4780 / 4805 / 4827 / 4849
Support
4750 / 4730 / 4712 / 4694
Possible Range
4730 to 4830
Strategy
Long positions may be opened above 4765 with targets 4780/4805 at stop-loss at 4745
Short positions may be opened below 4765 with targets at 4750/4730 stop-loss at 4785

FCPO Feb month rose 36 points or 0.76% to closed higher at 4771 on midday session. Malaysian crude palm oil futures climbed for the second straight session on Tuesday, driven by stronger soyoil prices and expectations of a drop in production in Malaysia.

Palm prices broke above the top range sideway consolidation at 4755 to 4760 range and currently stay above the range, we recommend buy on retracement.  The resistant see at 4780 to 4785, breaking above could see the price potentially moving toward next resistant range. Beware of any sentiment changes. The immediate support and resistance levels are identified at 4750 and 4780, respectively. 

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 3.936314 3.966986
EUR 4.638033 4.641717
CNY 0.579004 0.579460
HKD 0.502535 0.505960
SGD 3.092229 3.113332