FCPO
FCPO 3rd Month Futures (PM) - 26 Dec 2024
Thu, 26-Dec-2024 02:24 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4525
Resistance
4546 / 4571 / 4595 / 4619
Support
4525 / 4503 / 4482 / 4460
Possible Range
4500 to 4600
Strategy
Long positions may be opened above 4525 with targets 4546/4571 at stop-loss at 4505
Short positions may be opened below 4525 with targets at 4503/4482 stop-loss at 4545

FCPO Mar month dropped 12 points or 0.26% to closed lower at 4546 on midday session. Malaysian crude palm oil futures opened lower on Thursday following the Christmas break, breaking a two-session winning streak as they tracked weaker Dalian oils.

Palm prices gap down on opening and recorded intraday low at 4469, the price rebounded after it trigger 4525 to 4530 range, which is the middle of small sideway consolidation range, now serve as support range. The price on morning session hovering and closed below the top of the sideway range at 4545 to 4555, we see this range as important resistant, if breaking above we could see further higher, we reckon buy on recrement as primary plan. The immediate support and resistance levels are identified at 4525 and 4546, 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