FCPO
FCPO 3rd Month Futures - 29 February 2024
Thu, 29-Feb-2024 08:15 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3914
Resistance
3926 / 3937 / 3952 / 3967
Support
3899 / 3884 / 3873 / 3861
Possible Range
3850 to 4000
Strategy
Long positions may be opened above 3910 with targets at 3926/3937 stop-loss at 3880
Short positions may be opened below 3910 with targets at 3899/3884 stop-loss at 3940

FCPO May month fell 15 points or 0.38% to 3907 closed higher. Malaysian palm oil futures fell on Wednesday, snapping three sessions of gains, weighed down by softer Chicago soyoil prices and weak export data.

Overnight Soybean oil May Month fell 0.34 to 45.19. Soybean Futures settled higher on short-covering and technical buying on Wednesday as the market rebounded after the front-month contract matched a three-year low. Dalian's most active palm oil contract rose 36 to 7434.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break below 3891 (yesterday's low) would target 3884/3873 en route to 3861. On the flip side, the next resistance is located at 3914 (Pivot), followed by 3926 (R1), and finally 3944 (Yesterday’s high).

FCPO: 随着大连豆油和豆油的涨跌互现,FCPO 可能会在区间内交易。跌破3891(昨天的低点)将瞄准3884/3873,并通往3861。另一方面,下一个阻力位于3914(支撑点),然后是3926(R1),最后是3944(昨天的高点)。

做多策略:可在3910上方做多,目标价 3926/3937, 止损位3880

做空策略:可在3910下方做空,目标价 3899/3884, 止损位3940

(News Source: Reuters)

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