FCPO
FCPO 3rd Month Futures - 7 March 2024
Thu, 07-Mar-2024 08:38 am
by Futures Dealing • Apex Futures

FCPO
Pivot
4015
Resistance
4082 / 4150 / 4184 / 4218
Support
3980 / 3946 / 3878 / 3810
Possible Range
4000 to 4150
Strategy
Long positions may be opened above 4010 with targets at 4150/4184 stop-loss at 3980
Short positions may be opened below 4010 with targets at 3980/3946 stop-loss at 4040

FCPO May month rose 95 points or 2.38% to 4081 closed higher. Malaysian palm oil futures rose for a second consecutive session to a more than seven-month high on Wednesday, on tight supply and optimism over palm demand, while higher rival oil prices also supported.

Overnight Soybean oil May Month rose 0.28 to 45.32. Soybean prices are fading on Wednesday, though losses are held to within a nickel so far. Dalian's most active palm oil contract rose 70 to 7676.

Following the bullish performance of dalian oil and soybean oil, the FCPO could trade higher. A break above 4083 (yesterday's high) would target 4150/4184 en route to 4218. On the flip side, the next support is located at 4015 (Pivot), followed by 3980 (S1), and finally 3879 (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4083(昨天的高点)将目标为4150/4184,并通往4218。另一方面,下一个支撑位于4015(支撑点),然后是3980(S1),最后是3879(昨天的低点)。

做多策略:可在4010上方做多,目标价 4150/4184, 止损位3980

做空策略:可在4010下方做空,目标价 3980/3946, 止损位4040

(News Source: Reuters)

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