FCPO
FCPO 3rd Month Futures - 29 December 2023
Fri, 29-Dec-2023 09:00 am
by Dealing Team • Apex Futures

FCPO
Pivot
3747
Resistance
3753 / 3759 / 3769 / 3779
Support
3738 / 3728 / 372 / 3716
Possible Range
3700 to 3800
Strategy
Long positions may be opened above 3750 with targets at 3759/3779 stop-loss at 3720
Short positions may be opened below 3750 with targets at 3728/3700 stop-loss at 3780

FCPO Mar month fell 31 points or 0.82% to 3739 closed lower. Malaysian palm oil futures fell on Thursday after two consecutive sessions of gains, weighed down by weakness in Dalian vegetable oils, although lower production estimates limited losses.

Overnight Soybean oil Mar Month fell 0.68 to 47.98. Soybean futures fell as traders assessed a rainy forecast in South America that could be beneficial for drought-affected crop belts in Brazil. Dalian's most active palm oil contract fell 14 to 7226.

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3736 (yesterday's low) would target 3728/3716 en route to 3700. On the flip side, the next resistance is located at 3747 (Pivot), followed by 3753 (R1), and finally 3767 (Yesterday’s high).

FCPO: 随着豆油和大连油的看跌,FCPO 交易可能会走低。跌破3736(昨天的低点)将瞄准3728/3716,并通往3700。另一方面,下一个阻力位于3747(支撑点),然后是3753(R1),最后是3767(昨天的高点)。

做多策略:可在3750上方做多,目标价 3759/3779, 止损位3720
做空策略:可在3750下方做空,目标价 3728/3700, 止损位3780

(News Source: Reuters)

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Market Mover
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