FCPO
FCPO 3rd Month Futures (PM) - 27 Jan 2025
Mon, 27-Jan-2025 01:33 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4226
Resistance
4254 / 4278 / 4302 / 4325
Support
4226 / 4204 / 4180 / 4128
Possible Range
4200 to 4300
Strategy
Long positions may be opened above 4226 with targets 4254/4278 at stop-loss at 4206
Short positions may be opened below 4226 with targets at 4204/4180 stop-loss at 4246

FCPO Apr month rose 16 points or 0.38% to closed higher at 4232 on midday session. Malaysian crude palm oil futures traded within a narrow range on Monday, pressured by weakness in the Chicago soyoil contract and expectations of lower January exports from the country.

The palm price remains hovering at the bottom area of the downward channel in daily chart, the bigger pictures remain bearish. While in hourly chart the price trading within a sideway consolidation, top of the range at 4275 to 4280, while bottom at 4130 to 4125, latest above the middle of the range 4200 to 4205, we remain our view that if the middle of the range remains supported, we might see further technical buying, otherwise, selling may persist. On the buy side, if breaking above 4250 range likely reaching the top of the sideway range. Beware of any sentiment changes. The immediate support and resistance levels are identified at 4226 and 4254, 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