FCPO
FCPO 3rd Month Futures - 8 Jan 2025
Wed, 08-Jan-2025 08:35 am
by Dealing Team • Apex Futures

FCPO
Pivot
4358
Resistance
4382 / 4403 / 4425 / 4446
Support
4358 / 4335 / 4312 / 4287
Possible Range
4340 to 4440
Strategy
Long positions may be opened above 4358 with targets 4382/4403 at stop-loss at 4338
Short positions may be opened below 4358 with targets at 4335/4312 stop-loss at 4378

FCPO Mar month contract rose 27 points or 0.62% to closed higher at 4365. Malaysian crude palm oil futures closed higher on Tuesday, recovering from earlier declines, though gains were limited by weaker soyoil prices and subdued export demand.

Overnight Soybean oil Mar Month rose 0.92 to close higher at 41.25. Dalian’s active palm oil contract rose 90 points to close higher at 8666 on previous night session.

Tracking the bullish performance in rival oil market, the palm price could trade in upward momentum. In daily chart, the pattern remains bearish, however we spot the buying momentum as bearish candle became smaller. In hourly chart, we see the support above 4360 to 4355, while the crucial resistant range see at 4400 to 4405, also top of a small sideway consolidation range, there is potential further upside if breaking above the line, else will remain in consolidation trading. The immediate support and resistance levels are pinpointed at 4358 and 4382, respectively.

(News Source: Reuters)

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Market Mover
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