FCPO
FCPO 3rd Month Futures - 19 March 2024
Tue, 19-Mar-2024 08:57 am
by Futures Dealing • Apex Futures

FCPO
Pivot
4252
Resistance
4268 / 4284 / 4308 / 4331
Support
4229 / 4205 / 4189 / 4173
Possible Range
4150 to 4300
Strategy
Long positions may be opened above 4250 with targets at 4268/4284 stop-loss at 4220
Short positions may be opened below 4250 with targets at 4229/4205 stop-loss at 4280

FCPO Jun month rose 16 points or 0.38% to 4236 closed higher. Malaysian palm oil futures climbed higher on Monday as stronger rival oils helped boost prices, but smaller-than-expected export volumes and higher output estimates in certain regions capped gains.

Overnight Soybean oil May Month fell 0.72 to 48.79. Soy prices are trading weaker in the beans. Dalian's most active palm oil contract fell 24 to 8154.

Following the bearish performance of dalian oil and soybean oil, the FCPO could trade lower. A break below 4221 (yesterday's low) would target 4205/4189 en route to 4173. On the flip side, the next resistance is located at 4252 (Pivot), followed by 4268 (R1), and finally 4300 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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