FCPO
FCPO 3rd Month Futures - 7 February 2024
Wed, 07-Feb-2024 08:49 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3826
Resistance
3848 / 3870 / 3884 / 3897
Support
3813 / 3799 / 3777 / 3755
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3830 with targets at 3870/3897 stop-loss at 3800
Short positions may be opened below 3830 with targets at 3762/3742 stop-loss at 3860

FCPO Apr month rose 41 points or 1.08% to 3843 closed higher. Malaysian palm oil futures rose for a second consecutive session on Tuesday, tracking strength in rival edible oils and buoyed by expectations of lower output in the world's second-biggest producer.

Overnight Soybean oil Mar Month rose 0.61 to 45.94. Soybean Futures firmed on Tuesday for a second straight session as short-covering and technical-buying fueled a bounce from multi-year lows a day earlier, though concerns about weak demand limited gains. Dalian's most active palm oil contract rose 50 to 7150.

Following the bullish performance of dalian oil and soybean oil, the FCPO could trade higher. A break above 3853 (yesterday's high) would target 3870/3884 en route to 3897. On the flip side, the next support is located at 3826 (Pivot), followed by 3813 (S1), and finally 3782 (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 3853(昨天高点)后,目标位为 3870/3884,并最终升至 3897。另一方面,下一个支撑位位于 3826(支撑点),随后是 3813(S1),最后是 3782(昨天低点)。

做多策略:可在3830上方做多,目标价 3870/3897, 止损位3800

做空策略:可在3830下方做空,目标价 3762/3742, 止损位3860

(News Source: Reuters)

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Market Mover
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