FCPO
FCPO 3rd Month Futures - 9 February 2024
Fri, 09-Feb-2024 08:48 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3880
Resistance
3897 / 3914 / 3935 / 3955
Support
3860 / 3839 / 3822 / 3805
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3880 with targets at 3935/3955 stop-loss at 3850
Short positions may be opened below 3880 with targets at 3860/3839 stop-loss at 3910

FCPO Apr month fell 3 points or 0.08% to 3874 closed lower. Malaysian palm oil futures were little changed on Thursday after three consecutive sessions of gains, amid supply concerns and expectations of declining production in the world's second-biggest producer.

Overnight Soybean oil Mar Month rose 1.18 to 47.94. Soybean Futures ended the day higher on Thursday on a flurry of late-session buying, as the market struggled to gain clarity on the size of the Brazilian crop. Dalian's most active palm oil contract rose 108 to 7216.

Following the bullish performance of dalian oil and soybean oil, the FCPO could trade higher. A break above 3920 (yesterday's high) would target 3935/3955 en route to 3992. On the flip side, the next support is located at 3860 (S1), followed by 3845 (Yesterday’s low), and finally 3822 (S2).

FCPO: 随着大连油和豆油的看涨表现,FCPO 可能会走高。突破 3920(昨天高点)后,目标位为 3935/3955,并通往 3992。另一方面,下一个支撑位于 3860(S1),然后是 3845(昨天低点),最后是 3822(S2)。

做多策略:可在3880上方做多,目标价 3935/3955, 止损位3850

做空策略:可在3880下方做空,目标价 3860/3839, 止损位3910

(News Source: Reuters)

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Market Mover
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