FCPO
FCPO 3rd Month Futures - 26 Dec 2024
Thu, 26-Dec-2024 08:22 am
by Dealing Team • Apex Futures

FCPO
Pivot
4543
Resistance
4560 / 4586 / 4612 / 4635
Support
4530 / 4506 / 4485 / 4463
Possible Range
4510 to 4610
Strategy
Long positions may be opened above 4530 with targets 4560/4586 at stop-loss at 4510
Short positions may be opened below 4530 with targets at 4506/4485 stop-loss at 4550

FCPO Mar month contract rose 16 points or 0.35% to closed higher at 4558. Malaysian crude palm oil futures moved sideways on Tuesday, with profit-taking limiting gains ahead of the Christmas holiday.

Overnight Soybean oil Mar Month dropped 0.36 to close higher at 40.30. Dalian’s active palm oil contract dropped 82 points to close lower at 8688 on previous night session.

Tracking the bearish performance in rival oil market, the palm price likely to experiences technical correction, the price recently broke up from a minor downward channel, with support range see at 4525 to 4530, supported above this range could remain buying plan, we see the resistant at 4560 to 4570 range, breaking above could see further higher. The immediate support and resistance levels are pinpointed at 4530 and 4560, 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