FCPO
FCPO 3rd Month Futures - 21 February 2024
Wed, 21-Feb-2024 09:02 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3869
Resistance
3878 / 3886 / 3900 / 3913
Support
3854 / 3842 / 3834 / 3825
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3870 with targets at 3886/3913 stop-loss at 3840
Short positions may be opened below 3870 with targets at 3854/3834 stop-loss at 3900

FCPO May month fell 5 points or 0.13% to 3860 closed lower. Malaysian palm oil futures slid on Tuesday as weak export data pressured the contract, however strength in rival vegetable oils and expectation of lower production capped losses.

Overnight Soybean oil May Month fell 0.16 to 45.92. Soybean Futures closed higher but hovered near multi-year lows. Dalian's most active palm oil contract rose 30 to 7356.

Following the mixed performance of dailian oil and soybean oil, the FCPO could trade within the range. A break below 3851 (yesterday's low) would target 3842/3834 en route to 3825. On the flip side, the next resistance is located at 3869 (Pivot), followed by 3878 (R1), and finally 3895 (Yesterday’s high).

FCPO: 继大连油和豆油表现参差不齐后,FCPO 可能会在区间内交易。跌破3851(昨天的低点),目标将是3842/3834,并通往3825。另一方面,下一个阻力位于3869(支撑点),然后是3878(R1),最后是3895(昨天的高点)。

做多策略:可在3870上方做多,目标价 3886/3913, 止损位3840

做空策略:可在3870下方做空,目标价 3854/3834, 止损位3900

(News Source: Reuters)

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