FCPO
FCPO 3rd Month Futures - 23 January 2024
Tue, 23-Jan-2024 08:45 am
by Dealing Team • Apex Futures

FCPO
Pivot
3915
Resistance
3943 / 3955 / 3975 / 3995
Support
3903 / 3890 / 3883 / 3875
Possible Range
3850 to 4000
Strategy
Long positions may be opened above 3920 with targets at 3975/3995 stop-loss at 3890
Short positions may be opened below 3920 with targets at 3890/3875 stop-loss at 3950

FCPO Apr month fell 35 points or 0.89% to 3904 closed lower. Malaysian palm oil futures snapped two consecutive sessions of gains on Monday, weighed down by weakness in crude oil prices, although losses were limited by higher exports and production concerns.

Overnight Soybean oil Mar Month rose 1.26 to 48.16. Soybean futures climbed on Monday as soyoil futures (BOv1) jumped 2.7% on short-covering and strength in crude oil. Dalian's most active palm oil contract rose 26 to 7472.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade wihtin the range. A break above 3941 (yesterday's high) would target 3955/3975 en route to 3995. On the flip side, the next support is located at 3901 (Yesterday’s low), followed by 3890 (S2), and finally 3883 (S3).

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 3941(昨天高点)后,目标位为 3955/3975,并通往 3995。另一方面,下一个支撑位于 3901(昨天低点),然后是 3890(S2),最后是 3883(S3)。

做多策略:可在3920上方做多,目标价 3975/3995, 止损位3890
做空策略:可在3920下方做空,目标价 3890/3875, 止损位3950

(News Source: Reuters)

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Market Mover
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