FCPO
FCPO 3rd Month Futures (PM) - 6 Feb 2025
Thu, 06-Feb-2025 01:25 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4356
Resistance
4377 / 4397 / 4420 / 4446
Support
4356 / 4335 / 4313 / 4290
Possible Range
4320 to 4420
Strategy
Long positions may be opened above 4356 with targets 4377/4397 at stop-loss at 4336
Short positions may be opened below 4356 with targets at 4335/4313 stop-loss at 4376

FCPO Apr month rose 31 points or 0.72% to closed higher at 4365 on midday session. Malaysian palm oil futures inched higher for a second straight session on Thursday, supported by stronger rival edible oils and firmer crude oil prices.

The FCPO active contract remains within a downward channel on the daily chart, with major resistance at 4410–4415. The broader trend remains bearish unless the price breaks decisively above this key resistance level. On the hourly chart, the price is moving higher after breaking above the previous session's high at 4370–4375. We maintain our recommendation to buy on retracement, with potential support at the 4350–4355 range offering a buying opportunity. A rebound from this support could see the price retest resistance at 4375–4380, with a breakout above this level potentially driving further gains. However, if the 4350–4355 support fails to hold, selling pressure may emerge. The immediate support and resistance levels are identified at 4356 and 4377, respectively. 

(News Source: Reuters)

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Market Mover
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