FCPO
FCPO 3rd Month Futures - 22 January 2024
Mon, 22-Jan-2024 08:52 am
by Dealing Team • Apex Futures

FCPO
Pivot
3922
Resistance
3945 / 3967 / 3981 / 3994
Support
3909 / 3895 / 3873 / 3850
Possible Range
3850 to 4000
Strategy
Long positions may be opened above 3920 with targets at 3967/3981 stop-loss at 3890
Short positions may be opened below 3920 with targets at 3895/3873 stop-loss at 3950

FCPO Apr month rose 44 points or 1.13% to 3939 closed higher. Malaysian palm oil futures posted a second straight weekly gain on Friday, underpinned by stagnant production and strength in rival edible oils.

Overnight Soybean oil Mar Month fell 0.72 to 46.90. Soybean futures declined the fifth week in a row after expectations for plentiful supplies pushed the markets to multi-year lows on Thursday. Dalian's most active palm oil contract rose 32 to 7498.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break above 3950 (yesterday's high) would target 3967/3981 en route to 3994. On the flip side, the next support is located at 3922 (Pivot), followed by 3909 (S1), and finally 3878 (Yesterday’s low).

FCPO: 继大连豆油和豆油表现参差不齐后,FCPO 可能会在区间内交易。突破 3950(昨天高点)后,目标位为 3967/3981,并通往 3994。另一方面,下一个支撑位于 3922(支撑点),然后是 3909(S1),最后是 3878(昨天低点)。

做多策略:可在3920上方做多,目标价 3967/3981, 止损位3890
做空策略:可在3920下方做空,目标价 3895/3873, 止损位3950

(News Source: Reuters)

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