FCPO
FCPO 3rd Month Futures (PM) - 17 Dec 2024
Tue, 17-Dec-2024 02:22 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4719
Resistance
4719 / 4738 / 4763 / 4785
Support
4689 / 4669 / 4646 / 4626
Possible Range
4640 to 4740
Strategy
Long positions may be opened above 4738 with targets 4763/4785 at stop-loss at 4718
Short positions may be opened below 4738 with targets at 4719/4689 stop-loss at 4758

FCPO Mar month dropped 67 points or 1.41% to closed lower at 4691 on midday session. Malaysian crude palm oil futures opened lower on Tuesday, marking a third consecutive session of declines, following weakness in rival Dalian oils.

Palm prices continue to trade lower after rebound to resistant range at 4760 to 4755, we remain the view to rebound sell as main plan. Immediate support sees at 4690 to 4685, breaking below could see further lower toward next support range, potentially reaching 4640 to 4640, which is bottom of major sideway consolation range.  The immediate support and resistance levels are identified at 4689 and 4719, 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