FCPO
FCPO 3rd Month Futures - 15 January 2024
Mon, 15-Jan-2024 09:28 am
by Dealing Team • Apex Futures

FCPO
Pivot
3837
Resistance
3865 / 3892 / 3911 / 3929
Support
3819 / 3800 / 3773 / 3745
Possible Range
3800 to 3900
Strategy
Long positions may be opened above 3840 with targets at 3865/3892 stop-loss at 3810
Short positions may be opened below 3840 with targets at 3819/3800 stop-loss at 3870

FCPO Mar month rose 62 points or 1.63% to 3856 closed higher. Malaysian palm oil futures closed higher on Friday for the seventh straight session, supported by gains in rival oils and lower palm production.

Overnight Soybean oil Mar Month fell 0.47 to 48.25. Soybean futures fell sharply, with prices at their lowest in 26 months, as traders raced to shed their positions after the government reported larger-than-expected Brazilian crops, as well as bigger U.S. yield and production levels for the recently harvested crop. Dalian's most active palm oil contract rose 16 to 7294.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade wihtin the range. A break above 3873 (yesterday's high) would target 3892/3911 en route to 3929. On the flip side, the next support is located at 3837 (Pivot), followed by 3819 (S1), and finally 3781 (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3873(昨天的高点)将瞄准3892/3911,并通往3929。另一方面,下一个支撑位于3837(支撑点),然后是3819(S1),最后是3781(昨天的低点)。

做多策略:可在3840上方做多,目标价 3865/3892, 止损位3810
做空策略:可在3840下方做空,目标价 3819/3800, 止损位3870

(News Source: Reuters)

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