FCPO
FCPO 3rd Month Futures - 29 March 2024
Fri, 29-Mar-2024 09:00 am
by Futures Dealing • Apex Futures

FCPO
Pivot
4167
Resistance
4187 / 4207 / 4242 / 4247
Support
4132 / 4098 / 4077 / 4057
Possible Range
4050 to 4200
Strategy
Long positions may be opened above 4170 with targets at 4207/4242 stop-loss at 4140
Short positions may be opened below 4170 with targets at 4132/4098 stop-loss at 4200

FCPO Jun month fell 100 points or 2.36% to 4136 closed lower. Malaysian palm oil futures fell for a second straight session to a two-week closing low on Wednesday, mirroring losses in rival oils.

Overnight Soybean oil May Month rose 0.28 to 47.95. Soybean Futures ended higher. Dalian's most active palm oil contract fell 84 to 8028.

Following the mixed performance of dalian oil and soybean oil, the FCPO could trade within the range. A break below 4128 (yesterday's low) would target 4098/4077 en route to 4057. On the flip side, the next resistance is located at 4167 (Pivot), followed by 4187 (R1), and finally 4238 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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