FCPO
FCPO 3rd Month Futures - 27 March 2024
Wed, 27-Mar-2024 08:55 am
by Futures Dealing • Apex Futures

FCPO
Pivot
4244
Resistance
4258 / 4272 / 4290 / 4307
Support
4227 / 4209 / 4195 / 4181
Possible Range
4200 to 4350
Strategy
Long positions may be opened above 4240 with targets at 4258/4272 stop-loss at 4210
Short positions may be opened below 4240 with targets at 4227/4209 stop-loss at 4270

FCPO Jun month fell 11 points or 0.26% to 4236 closed lower. Malaysian palm oil futures fell on Tuesday amid profit-taking, while a stronger ringgit and weaker rival edible oils also weighed on the market.

Overnight Soybean oil May Month fell 0.60 to 48.42. Soybean Futures ended lower. Dalian's most active palm oil contract fell 36 to 8292.

Following the bearish performance of dalian oil and soybean oil, the FCPO could trade lower. A break below 4217 (yesterday's low) would target 4209/4195 en route to 4181. On the flip side, the next resistance is located at 4244 (Pivot), followed by 4258 (R1), and finally 4280 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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