FCPO
FCPO 3rd Month Futures (PM) - 22 Jan 2025
Wed, 22-Jan-2025 02:19 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4230
Resistance
4230 / 4253 / 4280 / 4302
Support
4205 / 4181 / 4159 / 4134
Possible Range
4180 to 4280
Strategy
Long positions may be opened above 4230 with targets 4253/4280 at stop-loss at 4210
Short positions may be opened below 4230 with targets at 4205/4181 stop-loss at 4250

FCPO Apr month dropped 46 points or 1.08% to closed lower at 4214 on midday session. Malaysian crude palm oil futures ended a three-session winning streak on Wednesday, pressured by declines in Chicago soyoil and Dalian palm oil, along with sentiment dampened by a stronger ringgit.

In daily chart, the palm price remains hovering at the bottom of the downward channel. In hourly chart spotted the price broke down below the support line of upward channel 4225 to 4220, we continue to see rebound sell for coming session with limited downside, as the price received support above 4195 to 4200 for few attempts, if breaking below could see further downside. Beware of any sentiment changes. The immediate support and resistance levels are identified at 4205 and 4230, 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