FCPO
FCPO 3rd Month Futures - 28 February 2024
Wed, 28-Feb-2024 08:12 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3906
Resistance
3928 / 3949 / 3963 / 3976
Support
3893 / 3873 / 3858 / 3836
Possible Range
3850 to 4000
Strategy
Long positions may be opened above 3900 with targets at 3949/3963 stop-loss at 3870
Short positions may be opened below 3900 with targets at 3879/3858 stop-loss at 3930

FCPO May month rose 59 points or 1.53% to 3922 closed higher. Malaysian palm oil futures closed higher for a third straight session on Tuesday, tracking gains in rival oils, while the market is waiting for a major industry conference due to be held in Kuala Lumpur next week.

Overnight Soybean oil May Month rose 0.51 to 45.53. Soybean Futures finished lower after shrugging off earlier gains. Dalian's most active palm oil contract rose 68 to 7406.

Following the bullish performance of dalian oil and soybean oil, the FCPO could trade higher. A break above 3933 (yesterday's high) would target 3949/3963 en route to 3976. On the flip side, the next support is located at 3906 (Pivot), followed by 3893 (S1), and finally 3863 (Yesterday’s low).

FCPO: 随着大连油和豆油的看涨表现,FCPO 可能会走高。突破 3933(昨天高点)后,目标位为 3949/3963,并最终升至 3976。另一方面,下一个支撑位位于 3906(支撑点),随后是 3893(S1),最后是 3863(昨天低点)。

做多策略:可在3900上方做多,目标价 3949/3963, 止损位3870

做空策略:可在3900下方做空,目标价 3879/3858, 止损位3930

(News Source: Reuters)

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