FCPO
FCPO 3rd Month Futures - 29 Nov 2024
Fri, 29-Nov-2024 08:27 am
by Dealing Team • Apex Futures

FCPO
Pivot
4888
Resistance
4919 / 4940 / 4963 / 4985
Support
4888 / 4865 / 4841 / 4819
Possible Range
4870 to 4970
Strategy
Long positions may be opened above 4888 with targets 4919/4940 at stop-loss at 4868
Short positions may be opened below 4888 with targets at 4865/4841 stop-loss at 4908

FCPO Feb month contract rose 87 points or 1.81% to close higher at 4885. Malaysia's crude palm oil futures extended their rally for the fourth consecutive day, closing higher on Thursday due to concerns over the recent flood in the eastern regions. Palm oil traders noted that the flood could affect overall oil palm production in the country.

The CBOT soybean oil market was closed yesterday for the Thanksgiving holiday and will resume trading today. Dalian’s active palm oil contract rose 110 points to close higher at 10002 on previous night session.

Tracking the positive performance in rival oil market, the palm price in daily chart broke up from the resistant line of a downward channel at 4835 to 4849 range, supported for upside. An upward channel spotted in hourly, with the price latest hovering near the resistant of the channel, we reckon buy on retracement plan. Resistant see at 4915 to 4920, breaking above could see further higher toward next resistant. Beware of profit taking activities. The immediate support and resistance levels are pinpointed at 4792 and 4818, respectively.

(News Source: Bernama)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.436869 4.470612
EUR 4.675505 4.679374
CNY 0.611103 0.611560
HKD 0.570272 0.574102
SGD 3.296965 3.319254