FCPO
FCPO 3rd Month Futures (PM) - 18 Dec 2024
Wed, 18-Dec-2024 02:10 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4627
Resistance
4602 / 4627 / 4648 / 4670
Support
4582 / 4557 / 4533 / 4507
Possible Range
4550 to 4650
Strategy
Long positions may be opened above 4582 with targets 4602/4627 at stop-loss at 4562
Short positions may be opened below 4582 with targets at 4557/4533 stop-loss at 4602

FCPO Mar month dropped 137 points or 2.9% to closed lower at 4588 on midday session. Malaysian crude palm oil futures declined for the fourth straight session on Wednesday, following a downward trend in rival edible oils.

Palm prices broke down the crucial support range and bottom of a wide range of sideway consolidation at 4640 to 4635, we anticipate the next move likely to continue bearish with sell on rebound remain the main plan. New support sees at 4580 to 4585, breaking below could see further lower toward 4530 to 4525. Beware of any sentiment changes. The immediate support and resistance levels are identified at 4582 and 4602, 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 3.936314 3.966986
EUR 4.638033 4.641717
CNY 0.579004 0.579460
HKD 0.502535 0.505960
SGD 3.092229 3.113332