FCPO
FCPO 3rd Month Futures - 5 February 2024
Mon, 05-Feb-2024 08:45 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3770
Resistance
3778 / 3785 / 3796 / 3807
Support
3759 / 3748 / 3741 / 3733
Possible Range
3700 to 3850
Strategy
Long positions may be opened above 3770 with targets at 3785/3796 stop-loss at 3740
Short positions may be opened below 3770 with targets at 3748/3741 stop-loss at 3800

FCPO Apr month fell 34 points or 0.90% to 3764 closed lower. Malaysian palm oil futures extended losses to a fourth session on Friday, marking their worst week in nine months, after top buyer India sought to cut vegetable oil imports, while prolonged weakness in rival edible oils and a stronger ringgit also weighed.

Overnight Soybean oil Mar Month fell 0.87 to 44.73. Soybean Futures fell to a two-year low on Friday and corn also declined as the dollar Dalian's most active palm oil contract fell 60 to 7020.

Following the bearish performance of dalian oil and soybean oil, the FCPO could trade lower. A break below 3754 (yesterday's low) would target 3748/3741 en route to 3733. On the flip side, the next resistance is located at 3770 (Pivot), followed by 3778 (R1), and finally 3791 (Yesterday’s high).

FCPO: 随着大连油和豆油的看跌表现,FCPO 交易可能会走低。跌破3754(昨天的低点)将目标为3748/3741,并通往3733。另一方面,下一个阻力位于3770(支撑点),然后是3778(R1),最后是3791(昨天的高点)。

做多策略:可在3770上方做多,目标价 3785/3796, 止损位3740

做空策略:可在3770下方做空,目标价 3748/3741, 止损位3800

(News Source: Reuters)

Read more details in:

Disclaimer

The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.

Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.186344 4.224837
EUR 4.692802 4.707788
CNY 0.594564 0.595974
HKD 0.537155 0.542118
SGD 3.243708 3.273864