FCPO
FCPO 3rd Month Futures (PM) - 5 Feb 2025
Wed, 05-Feb-2025 02:25 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4319
Resistance
4343 / 4368 / 4393 / 4417
Support
4319 / 4294 / 4273 / 4251
Possible Range
4290 to 4390
Strategy
Long positions may be opened above 4319 with targets 4343/4368 at stop-loss at 4299
Short positions may be opened below 4319 with targets at 4294/4273 stop-loss at 4339

FCPO Apr month rose 20 points or 0.46% to closed higher at 4328 on midday session. Malaysian palm oil futures traded lower earlier on Wednesday but rebounded, supported by stronger Dalian vegetable oils.

The FCPO active contract remains in a downward channel on the daily chart, pulling back after testing the resistance at 4410-4415, maintaining a bearish outlook unless this level is breached. On the hourly chart, the price is above the previous range at 4275-4280, now acting as key support for the uptrend since January 28. With additional support at 4320-4325, we maintain a buy-on-retracement strategy for short-term trades, targeting the resistance at 4365-4370. Beware of any sentiment changes. The immediate support and resistance levels are identified at 4319 and 4294, 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