FCPO
FCPO 3rd Month Futures - 11 January 2024
Thu, 11-Jan-2024 09:10 am
by Dealing Team • Apex Futures

FCPO
Pivot
3764
Resistance
3785 / 3806 / 3831 / 3856
Support
3739 / 3714 / 3693 / 3672
Possible Range
3700 to 3800
Strategy
Long positions may be opened above 3760 with targets at 3831/3856 stop-loss at 3730
Short positions may be opened below 3760 with targets at 3739/3714 stop-loss at 3790

FCPO Mar month rose 25 points or 0.67% to 3757 closed higher. Malaysian palm oil futures extended gains for a fifth straight session on Wednesday, as Malaysia's stockpile slipped to a four-month low.

Overnight Soybean oil Mar Month fell 0.20 to 48.25. Soybean futures dropping in response to Conab cutting its outlook for Brazilian soybean production less than hoped for by traders. Dalian's most active palm oil contract rose 80 to 7238.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break above 3813 (yesterday's high) would target 3831/3856 en route to 3902. On the flip side, the next support is located at 3764 (Pivot), followed by 3739 (S1), and finally 3721 (Yesterday’s low).

FCPO: 豆油和大连豆油表现不一,FCPO 可能会在区间内交易。突破3813(昨天的高点)将瞄准3831/3856,并通往3902。另一方面,下一个支撑位于3764(支撑点),然后是3739(S1),最后是3721(昨天的低点)。

做多策略:可在3760上方做多,目标价 3831/3856, 止损位3730
做空策略:可在3760下方做空,目标价 3739/3714, 止损位3790

(News Source: Reuters)

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