FCPO
FCPO 3rd Month Futures - 30 January 2024
Tue, 30-Jan-2024 08:52 am
by Dealing Team • Apex Futures

FCPO
Pivot
3960
Resistance
3968 / 3975 / 3989 / 4003
Support
3946 / 3932 / 3925 / 3917
Possible Range
3900 to 4000
Strategy
Long positions may be opened above 3960 with targets at 3975/4003 stop-loss at 3930
Short positions may be opened below 3960 with targets at 3932/3917 stop-loss at 3990

FCPO Apr month fell 69 points or 1.72% to 3948 closed lower. Malaysian palm oil futures snapped a three-day rally on Monday, due to weakness in rival oils and on profit taking.

Overnight Soybean oil Mar Month fell 1.38 to 45.55. Soybean futures fell to two-year lows below $12 a bushel on Monday, pressured by improving prospects for large South American harvests and worries about demand as top global soy buyer China struggles with a real estate crisis. Dalian's most active palm oil contract fell 94 to 7386.

Following the bearish performance of dalian oil and soybean oil, the FCPO could trade lower. A break below 3944 (yesterday's low) would target 3932/3925 en route to 3917. On the flip side, the next resistance is located at 3960 (Pivot), followed by 3968 (R1), and finally 3987 (Yesterday’s high).

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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Market Mover
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