FCPO
FCPO 3rd Month Futures - 22 February 2024
Thu, 22-Feb-2024 08:36 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3867
Resistance
3889 / 3910 / 3934 / 3957
Support
3844 / 3820 / 3799 / 3777
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3870 with targets at 3889/3910 stop-loss at 3840
Short positions may be opened below 3870 with targets at 3844/3820 stop-loss at 3900

FCPO May month rose 3 points or 0.08% to 3863 closed higher. Malaysian palm oil futures inched higher on Wednesday, tracking Dalian's palm oil contract, although weak exports data and lack of fresh demand weighed on the market.

Overnight Soybean oil May Month fell 0.50 to 45.42. Soybean Futures retreating after rallies a day earlier, and wheat ended mostly weaker. Dalian's most active palm oil contract fell 2 to 7366.

Following the mixed performance of dailian oil and soybean oil, the FCPO could trade within the range. A break below 3824 (yesterday's low) would target 3799/3777 en route to 3732. On the flip side, the next resistance is located at 3867 (Pivot), followed by 3889 (R1), and finally 3914 (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3824(昨天的低点)将瞄准3799/3777,并通往3732。另一方面,下一个阻力位于3867(支撑点),然后是3889(R1),最后是3914(昨天的高点)。

做多策略:可在3870上方做多,目标价 3889/3910, 止损位3840

做空策略:可在3870下方做空,目标价 3844/3820, 止损位3900

(News Source: Reuters)

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