FCPO
FCPO 3rd Month Futures - 5 March 2024
Tue, 05-Mar-2024 08:58 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3950
Resistance
3962 / 3973 / 3991 / 4008
Support
3933 / 3915 / 3904 / 3892
Possible Range
3900 to 4000
Strategy
Long positions may be opened above 3950 with targets at 3962/3973 stop-loss at 3920
Short positions may be opened below 3950 with targets at 3933/3915 stop-loss at 3980

FCPO May month fell 28 points or 0.71% to 3938 closed lower. Malaysian palm oil futures dropped for a second straight session on Monday amid a stronger ringgit and market talk of India purchasing less palm oil in 2024.

Overnight Soybean oil May Month rose 0.01 to 45.17. Soybean Soybeans Off Highs, Still in Black. Dalian's most active palm oil contract fell 40 to 7478.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break below 3927 (yesterday's low) would target 3915/3904 en route to 3892. On the flip side, the next resistance is located at 3950 (Pivot), followed by 3962 (R1), and finally 3985 (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3927(昨天的低点)将瞄准3915/3904,并通往3892。另一方面,下一个阻力位于3950(支撑点),然后是3962(R1),最后是3985(昨天的高点)。

做多策略:可在3950上方做多,目标价 3962/3973, 止损位3920

做空策略:可在3950下方做空,目标价 3933/3915, 止损位3980

(News Source: Reuters)

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