FCPO
FCPO 3rd Month Futures - 18 January 2024
Thu, 18-Jan-2024 09:06 am
by Dealing Team • Apex Futures

FCPO
Pivot
3835
Resistance
3851 / 3866 / 3891 / 3916
Support
3810 / 3785 / 3770 / 3754
Possible Range
3700 to 3850
Strategy
Long positions may be opened above 3840 with targets at 3866/3891 stop-loss at 3810
Short positions may be opened below 3840 with targets at 3785/3770 stop-loss at 3870

FCPO Apr month fell 47 points or 1.63% to 3815 closed lower. Malaysian palm oil futures fell on Wednesday as weakness in rival vegetable oils in the Dalian and Chicago futures markets weighed on sentiment.

Overnight Soybean oil Mar Month rose 0.45 to 47.70. Soybean futures tumbled near a two-year low on Wednesday as Brazilian crops benefited from improved weather and challenged U.S. exports on the global market. Dalian's most active palm oil contract fell 34 to 7330.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade wihtin the range. A break below 3805 (yesterday's low) would target 3785/3770 en route to 3754. On the flip side, the next resistance is located at 3835 (Pivot), followed by 3851 (R1), and finally 3886 (Yesterday’s high).

FCPO: 继大连豆油和豆油表现平淡,FCPO 可能会在区间内交易。跌破3805(昨天的低点)将目标为3785/3770,并通往3754。另一方面,下一个阻力位于3835(支撑点),然后是3851(R1),最后是3886(昨天的高点)。

做多策略:可在3840上方做多,目标价 3866/3891, 止损位3810
做空策略:可在3840下方做空,目标价 3785/3770, 止损位3870

(News Source: Reuters)

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