FCPO
FCPO 3rd Month Futures - 28 Feb 2025
Fri, 28-Feb-2025 08:31 am
by Dealing Team • Apex Futures

FCPO
Pivot
4531
Resistance
4531 / 4554 / 4580 / 4605
Support
4507 / 4482 / 4458 / 4434
Possible Range
4490 to 4590
Strategy
Long positions may be opened above 4531 with targets at 4554/4580 stop-loss at 4511
Short positions may be opened below 4531 with targets at 4507/4482 stop-loss at 4551

FCPO May month contract dropped 100 points or 2.17% to closed lower at 4511. Malaysian crude palm oil futures tumbled on Thursday, ending a two-session winning streak, as declines in rival oils and a bearish industry outlook pressured the contract.

Overnight soybean oil for the May contract dropped 0.24 to closed lower at 45.35. Dalian’s active palm oil contract dropped 20 points to close lower at 9098 on previous night session.

The actively traded FCPO contract remains in sideways consolidation. In the previous session, after opening lower, the price tested the support line of the range at 4,477 before recovering. However, it continues to hover near the lower boundary of the consolidation. The price is now moving toward the immediate resistance range of 4,525 to 4,530. A breakout above this level could lead to further gains toward 4,550 to 4,555, with highs potentially reaching 4,575 to 4,580, while remaining within the sideways trend.

If the immediate resistance fails to break, the price is likely to retreat toward the support zone at 4,480 to 4,485. A breakdown below this level could trigger further downside movement. Beware of any potential sentiment changes. The immediate support and resistance levels are pinpointed at 4507 and 4531, respectively.

(News Source: Reuters)

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Market Mover
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