FCPO
FCPO 3rd Month Futures - 6 March 2024
Wed, 06-Mar-2024 08:58 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3966
Resistance
3991 / 4016 / 4031 / 4046
Support
3951 / 3936 / 3911 / 3886
Possible Range
3900 to 4050
Strategy
Long positions may be opened above 3970 with targets at 4016/4031 stop-loss at 3940
Short positions may be opened below 3970 with targets at 3951/3936 stop-loss at 4000

FCPO May month rose 48 points or 1.22% to 3986 closed lower. Malaysian palm oil futures closed at a five-week high on Tuesday, rebounding from two days of decline amid supply concerns and inclement Indian weather prompting higher imports of edible oils.

Overnight Soybean oil May Month fell 0.13 to 45.04. Soy Oil futures are trading 4 and 5 points higher for another firm day through Tuesday’s midday. Dalian's most active palm oil contract rose 112 to 7610.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break above 3996 (yesterday's high) would target 4016/4031 en route to 4046. On the flip side, the next support is located at 3966 (Pivot), followed by 3951 (S1), and finally 3916 (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 3996(昨天高点)后,目标位为 4016/4031,并通往 4046。另一方面,下一个支撑位位于 3966(枢轴点),然后是 3951(S1),最后是 3916(昨天低点)。

做多策略:可在3970上方做多,目标价 3991/4016, 止损位3940

做空策略:可在3970下方做空,目标价 3951/3936, 止损位4000

(News Source: Reuters)

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