FCPO
FCPO 3rd Month Futures - 9 January 2024
Tue, 09-Jan-2024 08:50 am
by Dealing Team • Apex Futures

FCPO
Pivot
3681
Resistance
3698 / 3715 / 3726 / 3737
Support
3670 / 3659 / 3642 / 3625
Possible Range
3600 to 3700
Strategy
Long positions may be opened above 3680 with targets at 3715/3737 stop-loss at 3650
Short positions may be opened below 3680 with targets at 3625/3597 stop-loss at 3710

FCPO Mar month rose 11 points or 0.30% to 3693 closed higher. Malaysian palm oil futures rose on Monday for a third straight session.  supported by gains in rival Dalian and Chicago soyoil and as bargain buyers entered the market.


Overnight Soybean oil Mar Month rose 0.18 to 47.81. Soybean futures set a two-year low as steep declines in crude oil prices spilled over into agricultural markets. Dalian's most active palm oil contract fell 120 to 6914.


Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break below 3647 (yesterday's low) would target 3625/3597 en route to 3569. On the flip side, the next resistance is located at 3703 (Yesterday’s high), followed by 3715 (R1), and finally 3726 (R2).

FCPO: 继豆油和大连油涨跌互现后,FCPO 可能会在区间内交易。跌破3647(昨天的低点)将瞄准3625/3597,并最终到达3569。另一方面,下一个阻力位于3703(昨天的高点),然后是3715(R1),最后是3726(R2)。

做多策略:可在3680上方做多,目标价 3715/3737, 止损位3650
做空策略:可在3680下方做空,目标价 3625/3597, 止损位3710308:50

(News Source: Reuters)

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