FCPO
FCPO 3rd Month Futures - 22 March 2024
Fri, 22-Mar-2024 08:42 am
by Futures Dealing • Apex Futures

FCPO
Pivot
4265
Resistance
4282 / 4298 / 4322 / 4346
Support
4241 / 4217 / 4201 / 4184
Possible Range
4200 to 4350
Strategy
Long positions may be opened above 4260 with targets at 4282/4298 stop-loss at 4230
Short positions may be opened below 4260 with targets at 4241/4217 stop-loss at 4290

FCPO Jun month fell 23 points or 0.54% to 4249 closed lower. Malaysian palm oil futures dropped on Thursday, erasing earlier gains, amid uncertainty over production growth and some correction in rival vegetable oils.

Overnight Soybean oil May Month fell 0.21 to 48.79. Soybean futures closed slightly lower. Dalian's most active palm oil contract fell 16 to 8338.

Following the ebarish performance of dalian oil and soybean oil, the FCPO could trade lower. A break below 4233 (yesterday's low) would target 4217/4201 en route to 4184. On the flip side, the next resistance is located at 4265 (Pivot), followed by 4282 (R1), and finally 4314 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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