FCPO
FCPO 3rd Month Futures - 8 February 2024
Thu, 08-Feb-2024 09:01 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3861
Resistance
3884 / 3906 / 3921 / 3936
Support
3846 / 3831 / 3809 / 3786
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3860 with targets at 3906/3921 stop-loss at 3830
Short positions may be opened below 3860 with targets at 3846/3831 stop-loss at 3890

FCPO Apr month rose 34 points or 0.88% to 3877 closed higher. Malaysian palm oil futures reversed early losses to close higher for a third consecutive session on Wednesday, as output data from the world's second-biggest producer's industry regulator is awaited.

Overnight Soybean oil Mar Month rose 0.82 to 46.76. Soybean Futures ended lower as projected rain in major Brazilian growing regions is adding to expectations of large South American supplies. Dalian's most active palm oil contract fell 4 to 7104.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break above 3890 (yesterday's high) would target 3906/3921 en route to 3936. On the flip side, the next support is located at 3861 (Pivot), followed by 3884 (S1), and finally 3815 (Yesterday’s low).

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。突破3890(昨天的高点)将目标为3906/3921,并通往3936。另一方面,下一个支撑位于3861(支撑点),然后是3884(S1),最后是3815(昨天的低点)。

做多策略:可在3860上方做多,目标价 3906/3921, 止损位3830

做空策略:可在3860下方做空,目标价 3846/3831, 止损位3890

(News Source: Reuters)

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