FCPO
FCPO 3rd Month Futures - 17 January 2024
Wed, 17-Jan-2024 08:56 am
by Dealing Team • Apex Futures

FCPO
Pivot
3851
Resistance
3875 / 3898 / 3917 / 3935
Support
3833 / 3814 / 3791 / 3767
Possible Range
3800 to 3900
Strategy
Long positions may be opened above 3850 with targets at 3875/3898 stop-loss at 3820
Short positions may be opened below 3850 with targets at 3833/3814 stop-loss at 3880

FCPO Apr month rose 62 points or 1.63% to 3862 closed higher. Malaysian palm oil futures closed higher on Tuesday, driven by top importer India's move to allow edible oil imports at a confessional duty for one more year.

Overnight Soybean oil Mar Month fell 1.00 to 47.25. Soybean futures ended higher on Tuesday on a technical bounce, amid a day of volatile trading and a flurry of news with conflicting pricing guidance. Dalian's most active palm oil contract rose 40 to 7370.

Following the mixed performance of dalian oil, the FCPO could trade within the range. A break above 3887 (yesterday's high) would target 3898/3917 en route to 3935. On the flip side, the next support is located at 3851 (Pivot), followed by 3833 (S1), and finally 3803 (Yesterday’s low).

FCPO: 继大连豆油和豆油表现不一,FCPO 可能会在区间内交易。突破 3887(昨天高点)后,目标位为 3898/3917,并通往 3935。另一方面,下一个支撑位于 3851(支撑点),然后是 3833(S1),最后是 3803(昨天低点)。

做多策略:可在3850上方做多,目标价 3875/3898, 止损位3820
做空策略:可在3850下方做空,目标价 3833/3814, 止损位3880

(News Source: Reuters)

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