FCPO
FCPO 3rd Month Futures - 24 January 2024
Wed, 24-Jan-2024 08:58 am
by Dealing Team • Apex Futures

FCPO
Pivot
3942
Resistance
3964 / 3986 / 4006 / 4025
Support
3923 / 3903 / 3881 / 3859
Possible Range
3900 to 4000
Strategy
Long positions may be opened above 3940 with targets at 3964/3986 stop-loss at 3910
Short positions may be opened below 3940 with targets at 3923/3903 stop-loss at 3970

FCPO Apr month rose 44 points or 1.13% to 3948 closed higher. Malaysian palm oil futures rose on Tuesday, driven by concerns about severe rains disrupting production the world's top two producers, along with strong demand from China, although weakness in rival oils capped gains.

Overnight Soybean oil Mar Month rose .0.05 to 48.21. 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 fell 2 to 7468.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade wihtin the range. A break above 3980 (yesterday's high) would target 4006/4025 en route to 4066. On the flip side, the next support is located at 3942 (Pivot), followed by 3923 (S1), and finally 3897 (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 3980(昨天高点)后,目标位为 4006/4025,并最终升至 4066。另一方面,下一个支撑位位于 3942(支撑点),随后是 3923(S1),最后是 3897(昨天低点)。

做多策略:可在3940上方做多,目标价 3964/3986, 止损位3910
做空策略:可在3940下方做空,目标价 3923/3903, 止损位3970

(News Source: Reuters)

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