FCPO
FCPO 3rd Month Futures - 1 March 2024
Fri, 01-Mar-2024 08:32 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3954
Resistance
3976 / 3997 / 4011 / 4024
Support
3941 / 3927 / 3906 / 3884
Possible Range
3900 to 4000
Strategy
Long positions may be opened above 3950 with targets at 3976/3997 stop-loss at 3920
Short positions may be opened below 3950 with targets at 3941/3927 stop-loss at 3980

FCPO May month rose 63 points or 1.61% to 3970 closed higher. Malaysian palm oil futures closed up on Thursday, tracking strength in rival oils, while the market is waiting for leads from a major industry conference due to be held in Kuala Lumpur next week.

Overnight Soybean oil May Month rose 0.02 to 45.21. Soybean Futures dipped on Thursday to a new three-year low, pressured by improving South American weather, tepid U.S. export sales and heavier-than-expected contract deliveries. Dalian's most active palm oil contract rose 30 to 7474.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break above 3981 (yesterday's high) would target 3997/4001 en route to 4024. On the flip side, the next support is located at 3954 (Pivot), followed by 3941 (S1), and finally 3911 (Yesterday’s low).

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。突破3981(昨天的高点)将目标为3997/4001,并通往4024。另一方面,下一个支撑位于3954(支撑点),然后是3941(S1),最后是3911(昨天的低点)。

做多策略:可在3950上方做多,目标价 3976/3997, 止损位3920

做空策略:可在3950下方做空,目标价 3941/3927, 止损位3980

(News Source: Reuters)

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