FCPO
FCPO 3rd Month Futures - 8 March 2024
Fri, 08-Mar-2024 08:36 am
by Futures Dealing • Apex Futures

FCPO
Pivot
4068
Resistance
4081 / 4093 / 4104 / 4115
Support
4058 / 4047 / 4035 / 4022
Possible Range
4000 to 4150
Strategy
Long positions may be opened above 4070 with targets at 4093/4115 stop-loss at 4030
Short positions may be opened below 4070 with targets at 4058/4047 stop-loss at 4100

FCPO May month fell 10 points or 0.25% to 4071 closed lower. Malaysian palm oil futures fell on Thursday after hitting its highest closing price in more than seven months in the previous session, weighed down by a firmer ringgit, although strength in rival edible oils capped losses.

Overnight Soybean oil May Month rose 1.03 to 46.35. Soy Oil futures are leading the way with 2% gains on the board at midday. Dalian's most active palm oil contract rose 20 to 7708.

Following the bullish performance of dalian oil and soybean oil, the FCPO could trade higher. A break above 4090 (yesterday's high) would target 4093/4104 en route to 4115. On the flip side, the next support is located at 4068 (Pivot), followed by 4058 (S1), and finally 4044 (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 4090(昨天高点)后,目标位为 4093/4104,并最终到达 4115。另一方面,下一个支撑位位于 4068(支撑点),然后是 4058(S1),最后是 4044(昨天低点)。

做多策略:可在4070上方做多,目标价 4093/4115, 止损位4040

做空策略:可在4070下方做空,目标价 4058/4047, 止损位4100

(News Source: Reuters)

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