FCPO
FCPO 3rd Month Futures - 15 February 2024
Thu, 15-Feb-2024 08:38 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3934
Resistance
3953 / 3972 / 3984 / 3995
Support
3923 / 3911 / 3892 / 3873
Possible Range
3900 to 4000
Strategy
Long positions may be opened above 3930 with targets at 3984/3995 stop-loss at 3900
Short positions may be opened below 3930 with targets at 3911/3892 stop-loss at 3960

FCPO Apr month rose 47 points or 1.20% to 3948 closed higher. Malaysian palm oil futures closed higher on Wednesday due to a bigger-than-expected fall in January inventories of the tropical oil in top producer Malaysia.

Overnight Soybean oil May Month fell 0.86 to 46.93. Soybean Futures fell to three-year lows at the Chicago Board of Trade on Wednesday under pressure from fund selling and expectations for increased U.S. supplies.

Following the bearish performance and soybean oil, the FCPO could trade within the range. A break above 3958 (yesterday's high) would target 3972/3984 en route to 3995. On the flip side, the next support is located at 3934 (Pivot), followed by 3923 (S1), and finally 3897 (Yesterday’s low).

FCPO: 继豆油的看跌表现之后,FCPO 可能会在该区间内交易。突破 3958(昨天高点)后,目标位为 3972/3984,并通往 3995。另一方面,下一个支撑位于 3934(支撑点),然后是 3923(S1),最后是 3897(昨天低点)。

做多策略:可在3930上方做多,目标价 3984/3995, 止损位3900

做空策略:可在3930下方做空,目标价 3911/3892, 止损位3960

(News Source: Reuters)

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