FCPO
FCPO 3rd Month Futures (PM) - 9 Jan 2025
Thu, 09-Jan-2025 02:27 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4282
Resistance
4282 / 4306 / 4329 / 4355
Support
4261 / 4237 / 4215 / 4190
Possible Range
4220 to 4320
Strategy
Long positions may be opened above 4261 with targets 4282/4306 at stop-loss at 4241
Short positions may be opened below 4261 with targets at 4237/4215 stop-loss at 4281

FCPO Mar month dropped 85 points or 1.95% to closed lower at 4269 on midday session. Malaysian crude palm oil futures dropped over 2% at the opening on Thursday, following weakness in competing edible oils.

In daily chart, the pattern remains bearish, the price opens lower and breaking below the crucial support area, also the bottom of the sideway consolidations range at 4280 to 4285, now serve as resistant range.  We remain our view the market still bearish and sell on rebound remain main plan. However, we anticipate some technical buying and the price likely to reach resistant area again and sell down. Otherwise, the price could recover if support above 4280 to 4285 with limited upside. The immediate support and resistance levels are identified at 4261 and 4282, respectively. 

(News Source: Reuters)

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 3.952219 3.979032
EUR 4.632284 4.636049
CNY 0.579684 0.580150
HKD 0.504395 0.507834
SGD 3.092296 3.113419