FCPO
FCPO 3rd Month Futures - 20 Feb 2025
Thu, 20-Feb-2025 08:24 am
by Dealing Team • Apex Futures

FCPO
Pivot
4623
Resistance
4646 / 4670 / 4695 / 4723
Support
4623 / 4600 / 4576 / 4553
Possible Range
4570 to 4670
Strategy
Long positions may be opened above 4623 with targets 4646/4670 at stop-loss at 4603
Short positions may be opened below 4623 with targets at 4600/4576 stop-loss at 4643

FCPO May month contract jumped 168 points or 3.73% to closed higher at 4672. Malaysian crude palm oil futures closed over 3% higher on Wednesday, driven by gains in rival edible oils and concerns over production, with additional support from increased buying ahead of a key industry conference.

Overnight soybean oil for the May contract dropped 0.94 to closed lower at 46.80. Dalian’s active palm oil contract rose 88 points to close higher at 9224 on previous night session.

he actively traded FCPO contract surged higher yesterday, reaching 4,695—the highest price recorded this month. However, it pulled back from this peak, forming a double top pattern that signals resistance to further upward movement. We may see a price correction, with a primary strategy of selling on rebounds. Support is noted at 4,618 to 4,623; if this level fails to hold, the price could decline towards the 4,580 to 4,576 range. Conversely, if the support holds, palm oil prices could potentially rise, testing resistance at 4,645 to 4,650. A break above this level may lead to further gains. Stay alert to potential sentiment changes. The immediate support and resistance levels are pinpointed at 4623 and 4646, respectively.

(News Source: Reuters)

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