FCPO
FCPO 3rd Month Futures (PM) - 5 Dec 2024
Thu, 05-Dec-2024 02:25 pm
by Dealing Team • Apex Futures

FCPO
Pivot
5069
Resistance
5114 / 5136 / 5160 / 5185
Support
5091 / 5069 / 5045 / 5020
Possible Range
5070 to 5170
Strategy
Long positions may be opened above 5091 with targets 5114/5136 at stop-loss at 5071
Short positions may be opened below 5091 with targets at 5069/5045 stop-loss at 5111

FCPO Feb month rose 70 points or 1.39% to closed higher at 5102 on midday session. Malaysian crude palm oil futures traded within a narrow range on Thursday, pressured by weakness in Dalian palm oil contracts and expectations of lower November stock levels in Malaysia, the world's second-largest palm oil exporter.

The palm prices on morning session open sharply lower to reached 4988, forms a downward channel in hourly chart, the price recover and broke above the resistant area of the channel at 5090 to 5095 (now serve as new support), if the price supported well, we might see upside bias trading, buy on retracement could be the main plan. The immediate support and resistance levels are identified at 5091 and 5114, 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