FCPO
FCPO 3rd Month Futures (PM) - 28 Feb 2025
Fri, 28-Feb-2025 02:26 pm
by Dealing Team • Apex Futures

FCPO
Pivot
4520
Resistance
4542 / 4563 / 4585 / 4605
Support
4520 / 4497 / 4473 / 4450
Possible Range
4480 to 4580
Strategy
Long positions may be opened above 4520 with targets 4542/4563 at stop-loss at 4500
Short positions may be opened below 4520 with targets at 4497/4473 stop-loss at 4540

FCPO May month rose 21 points or 0.47% to closed higher at 4532 on midday session. Malaysian crude palm oil futures traded within a narrow range on Friday but were on track for their first monthly gain in three months, supported by strength in rival oils and a weaker Malaysian ringgit.

 

The actively traded FCPO contract remains in sideways consolidation. In the previous session, after opening lower, the price tested the support at 4,477 before recovering but continues to hover near the lower boundary of the range. Currently, the price is standing above the immediate resistance zone of 4,525 to 4,530. If this level holds, further upside toward 4,550 to 4,555 is likely, with highs potentially reaching 4,575 to 4,580 while remaining within the consolidation. However, if the resistance fails to hold, the price may retreat toward the support zone at 4,480 to 4,485. A break below this level could trigger further downside movement. The immediate support and resistance levels are identified at 4520 and 4542, respectively. 

(News Source: Reuters)

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