FCPO
FCPO 3rd Month Futures (PM) - 20 Dec 2024
Fri, 20-Dec-2024 02:19 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4488
Resistance
4515 / 4541 / 4564 / 4585
Support
4488 / 4459 / 4430 / 4392
Possible Range
4440 to 4540
Strategy
Long positions may be opened above 4488 with targets 4515/4541 at stop-loss at 4468
Short positions may be opened below 4488 with targets at 4459/4430 stop-loss at 4508

FCPO Mar month dropped 2 points or 0.04% to closed slightly lower at 4506 on midday session. Malaysian crude palm oil futures declined for the sixth straight session on Friday, pressured by weaker rival edible oils, and were on track for a second consecutive weekly loss.

Palm prices in morning session trading in very volatile mode, the price fell to 4412 and recover, latest forming higher low and minor upward channel pattern. We see midday closing trading within the range of upward channel, trading above crucial support range of 4400 to 4410, potentially heading to upside bias, breaking resistant range of 4510 to 4515. Also see as resistant line of downtrend pattern could see strong up, if fail to break we might see selling pressure to coming in. Beware of any sentiment changes. The immediate support and resistance levels are identified at 4488 and 4515, 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