FCPO
FCPO 3rd Month Futures - 10 January 2024
Wed, 10-Jan-2024 09:15 am
by Dealing Team • Apex Futures

FCPO
Pivot
3703
Resistance
3739 / 3774 / 3795 / 3816
Support
3682 / 3661 / 3626 / 3690
Possible Range
3700 to 3800
Strategy
Long positions may be opened above 3700 with targets at 3774/3795 stop-loss at 3670
Short positions may be opened below 3700 with targets at 3682/3661 stop-loss at 3730

FCPO Mar month rose 39 points or 1.06% to 3732 closed higher.Malaysian palm oil futures closed higher for a fourth consecutive session on Tuesday, helped by strength in rival oils, as the market awaited the monthly Malaysian Palm Oil Board (MPOB) data scheduled for release on Wednesday for further direction.

Overnight Soybean oil Mar Month rose 0.64 to 48.45. Soybean futures rebounded on Tuesday on short covering and technical buying after sliding to multiyear lows earlier in the session. Dalian's most active palm oil contract rose 104 to 7100.

Following the bullish performance of soybean oil and dalian oil, the FCPO could trade higher. A break above 3745 (yesterday's high) would target 3774/3795 en route to 3816. On the flip side, the next support is located at 3703 (Pivot), followed by 3682 (S1), and finally 3632 (Yesterday’s low).

FCPO: 随着豆油和大连油的看涨表现,FCPO 可能会走高。突破 3745(昨天高点)后,目标将是 3774/3795,并最终到达 3816。另一方面,下一个支撑位位于 3703(支撑点),然后是 3682(S1),最后是 3632(昨天低点)。

做多策略:可在3700上方做多,目标价 3774/3795, 止损位3670
做空策略:可在3700下方做空,目标价 3682/3661, 止损位3730

(News Source: Reuters)

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