FCPO
FCPO 3rd Month Futures - 16 February 2024
Fri, 16-Feb-2024 08:53 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3851
Resistance
3868 / 3885 / 3917 / 3949
Support
3819 / 3787 / 3770 / 3753
Possible Range
3750 to 3900
Strategy
Long positions may be opened above 3850 with targets at 3885/3917 stop-loss at 3820
Short positions may be opened below 3850 with targets at 3819/3787 stop-loss at 3880

FCPO May month fell 80 points or 2.05% to 3821 closed lower. Malaysian palm oil futures dropped on Thursday, weighed down by weakness in rival Chicago soyoil, a sharp drop in exports and a correction in crude oil prices.

Overnight Soybean oil May Month fell 0.39 to 46.54. Soybean Futures close Off Lows, still Double Digits Lower on Thursday.

Following the bearish performance and soybean oil, the FCPO could trade within the range. A break below 3817 (yesterday's low) would target 3787/3770 en route to 3753. On the flip side, the next resistance is located at 3851 (Pivot), followed by 3868 (R1), and finally 3915 (Yesterday’s high).

FCPO: 继豆油的看跌表现之后,FCPO 可能会在该区间内交易。跌破3817(昨天的低点)将瞄准3787/3770,并通往3753。另一方面,下一个阻力位于3851(支撑点),然后是3868(R1),最后是3915(昨天的高点)。

做多策略:可在3850上方做多,目标价 3885/3917, 止损位3820

做空策略:可在3850下方做空,目标价 3819/3787, 止损位3880

(News Source: Reuters)

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