FCPO
FCPO 3rd Month Futures - 2 February 2024
Fri, 02-Feb-2024 09:18 am
by Dealing Team • Apex Futures

FCPO
Pivot
3818
Resistance
3829 / 3840 / 3862 / 3883
Support
3797 / 3775 / 3764 / 3753
Possible Range
3700 to 3850
Strategy
Long positions may be opened above 3820 with targets at 3840/3862 stop-loss at 3790
Short positions may be opened below 3820 with targets at 3775/3764 stop-loss at 3850

FCPO Apr month fell 44 points or 1.15% to 3798 closed lower. Malaysian palm oil futures declined for a third consecutive session on Wednesday, amid weaker rival oils and lacklustre Chinese economic data, but the contract still logged a monthly gain.

Overnight Soybean oil Mar Month fell 0.42 to 45.60. Soybean Futures Fall on Weak Export Sales. Dalian's most active palm oil contract rose 20 to 7120.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break below 3795 (yesterday's low) would target 3775/3764 en route to 3753. On the flip side, the next resistance is located at 3818 (Pivot), followed by 3829 (R1), and finally 3860 (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3795(昨天的低点),目标将是3775/3764,并通往3753。另一方面,下一个阻力位于3818(支撑点),然后是3829(R1),最后是3860(昨天的高点)。

做多策略:可在3820上方做多,目标价 3840/3862, 止损位3790

做空策略:可在3820下方做空,目标价 3775/3764, 止损位3850

(News Source: Reuters)

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