FCPO
FCPO 3rd Month Futures - 23 February 2024
Fri, 23-Feb-2024 08:28 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3853
Resistance
3865 / 3876 / 3894 / 3912
Support
3835 / 3817 / 3806 / 3794
Possible Range
3750 to 3900
Strategy
Long positions may be opened above 3850 with targets at 3865/3876 stop-loss at 3820
Short positions may be opened below 3850 with targets at 3817/3794 stop-loss at 3880

FCPO May month fell 24 points or 0.62% to 3839 closed higher. Malaysian palm oil futures closed down on Thursday, weighed down by profit taking, weakness in export performance and absence of fresh buying support.

Overnight Soybean oil May Month fell 0.62 to 44.80. Soybean Futures fell to three-year lows on Thursday, dragged down by expectations of ample South American harvests and worries about demand. Dalian's most active palm oil contract fell 54 to 7304.

Following the bearish performance of dailian oil and soybean oil, the FCPO could trade lower. A break below 3831 (yesterday's low) would target 3817/3806 en route to 3794. On the flip side, the next resistance is located at 3853 (Pivot), followed by 3865 (R1), and finally 3890 (Yesterday’s high).

FCPO: 随着大连油和豆油的看跌表现,FCPO 可能会走低。跌破3831(昨天的低点)将瞄准3817/3806,并通往3794。另一方面,下一个阻力位于3853(支撑点),然后是3865(R1),最后是3890(昨天的高点)。

做多策略:可在3850上方做多,目标价 3865/3876, 止损位3820

做空策略:可在3850下方做空,目标价 3817/3794, 止损位3880

(News Source: Reuters)

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Market Mover
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USD 4.186344 4.224837
EUR 4.692802 4.707788
CNY 0.594564 0.595974
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