FCPO
FCPO 3rd Month Futures - 6 February 2024
Tue, 06-Feb-2024 08:20 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3785
Resistance
3806 / 3826 / 3838 / 3849
Support
3774 / 3762 / 3742 / 3721
Possible Range
3750 to 3900
Strategy
Long positions may be opened above 3780 with targets at 3826/3849 stop-loss at 3750
Short positions may be opened below 3780 with targets at 3762/3742 stop-loss at 3810

FCPO Apr month rose 38 points or 1.01% to 3802 closed higher. Malaysian palm oil futures reversed early losses and snapped a four-session losing streak to close higher on Monday, with concerns of lower January output and a weaker ringgit underpinning the market.

Overnight Soybean oil Mar Month rose 0.60 to 45.33. Soybean Futures rose on technical trading ahead of a slew of key government crop reports, after the most-active contract touched the lowest price since December of 2020. Dalian's most active palm oil contract rose 34 to 7078.

Following the bullish performance of dalian oil and soybean oil, the FCPO could trade higher. A break above 3809 (yesterday's high) would target 3826/3838 en route to 3849. On the flip side, the next support is located at 3785 (Pivot), followed by 3774 (S1), and finally 3745 (Yesterday’s low).

FCPO: 随着大连油和豆油的看涨表现,FCPO 可能会走高。突破 3809(昨天高点)后,目标位为 3826/3838,并最终升至 3849。另一方面,下一个支撑位位于 3785(支撑点),随后是 3774(S1),最后是 3745(昨天低点)。

做多策略:可在3780上方做多,目标价 3826/3849, 止损位3750

做空策略:可在3780下方做空,目标价 3762/3742, 止损位3810

(News Source: Reuters)

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Market Mover
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USD 4.186344 4.224837
EUR 4.692802 4.707788
CNY 0.594564 0.595974
HKD 0.537155 0.542118
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