FCPO
FCPO 3rd Month Futures - 13 February 2024
Tue, 13-Feb-2024 08:56 am
by Dealing Team • Apex Futures

FCPO
Pivot
3900
Resistance
3915 / 3929 / 3952 / 3974
Support
3878 / 3855 / 3841 / 3826
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3900 with targets at 3915/3929 stop-loss at 3870
Short positions may be opened below 3900 with targets at 3855/3826 stop-loss at 3930

FCPO Apr month rose 10 points or 0.26% to 3884 closed higher. Malaysian palm oil futures rose on Friday and looked set to post a weekly gain as strength in Chicago's soyoil contract and expectations of declining production in the world's second-biggest producer underpinned the market.

Overnight Soybean oil Mar Month settled 0.36 down to 46.90. Soybean futures firmed on Monday on bargain buying and consolidation, but nearby contracts struggled to shake off technical resistance. Dalian’s vegetable oil markets were closed for a public holiday for the week.

Following the bearish performance of soybean oil, the FCPO could trade lower. A break below 3871 (yesterday's low) would target 3855/3841 en route to 3826. On the flip side, the next resistance is located at 3900 (Pivot), followed by 3915 (R1), and finally 3945 (Yesterday’s high).

FCPO: 随着大豆油的看跌表现之后,FCPO可能会走低。如果跌破3871(昨天的最低价),将是3855 - 3841在通往3826的路上的目标。另一方面,下一个阻力位位于3900(枢轴),接着是3915 (R1),最后是3945(昨天的最高价)。

做多策略:可在3900上方做多,目标价 3915/3929, 止损位3870

做空策略:可在3900下方做空,目标价 3855/3826, 止损位3930

(News Source: Reuters)

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