FCPO
FCPO 3rd Month Futures - 31 January 2024
Wed, 31-Jan-2024 08:50 am
by Dealing Team • Apex Futures

FCPO
Pivot
3877
Resistance
3900 / 3922 / 3962 / 4002
Support
3837 / 3797 / 3775 / 3752
Possible Range
3800 to 3900
Strategy
Long positions may be opened above 3880 with targets at 3900/3922 stop-loss at 3850
Short positions may be opened below 3880 with targets at 3837/3797 stop-loss at 3910

FCPO Apr month fell 106 points or 2.68% to 3842 closed lower. Malaysian palm oil futures plummeted on Tuesday, extending losses on prolonged weakness in rival edible oils and a stronger ringgit.

Overnight Soybean oil Mar Month rose 0.45 to 46.00. rallied on Tuesday, closing higher on a round of bargain buying after both commodities fell to multiyear lows, although supportive news about supply and demand was lacking. Dalian's most active palm oil contract fell 124 to 7204.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break below 3832 (yesterday's low) would target 3797/3775 en route to 3752. On the flip side, the next resistance is located at 3877 (Pivot), followed by 3900 (R1), and finally 3957 (Yesterday’s high).

FCPO: 随着大连豆油和豆油的涨跌互现,FCPO 可能会在区间内交易。跌破3832(昨天的低点)将瞄准3797/3775,并通往3752。另一方面,下一个阻力位于3877(支撑点),然后是3900(R1),最后是3957(昨天的高点)。

做多策略:可在3880上方做多,目标价 3900/3922, 止损位3850
做空策略:可在3880下方做空,目标价 3837/3797, 止损位3910

(News Source: Reuters)

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