FCPO
FCPO 3rd Month Futures (PM) - 24 Jan 2025
Fri, 24-Jan-2025 02:26 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4184
Resistance
4201 / 4225 / 4249 / 4277
Support
4176 / 4155 / 4131 / 4106
Possible Range
4150 to 4250
Strategy
Long positions may be opened above 4176 with targets 4201/4225 at stop-loss at 4156
Short positions may be opened below 4176 with targets at 4155/4131 stop-loss at 4196

FCPO Apr month dropped 13 points or 0.31% to closed lower at 4177 on midday session. Malaysian crude palm oil futures traded within a narrow range on Friday, weighed down by weakness in competing vegetable oils, but remained on track for a modest weekly gain.

In daily chart, the palm price remains hovering at the bottom of the downward channel. Bigger pictures still see rebound sell, however the recent movement in hourly chart forming double bottom at the range of 4125 to 4130, which is also the bottom of sideway consolidation, indicating market is supported. The support remain spot at 4195 to 4200, middle of the sideway range, if supported firmly and breaking above the next resistant at 4220 to 4225, if trading below the middle of the range, selling remain intact. The immediate support and resistance levels are identified at 4176 and 4201, 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