FCPO
FCPO 3rd Month Futures - 3 April 2024
Wed, 03-Apr-2024 08:45 am
by Futures Dealing • Apex Futures

FCPO
Pivot
4287
Resistance
4318 / 4349 / 4368 / 4387
Support
4268 / 4249 / 4218 / 4187
Possible Range
4250 to 4400
Strategy
Long positions may be opened above 4290 with targets at 4349/4387 stop-loss at 4260
Short positions may be opened below 4290 with targets at 4268/4249 stop-loss at 4320

FCPO Jun month rose 45 points or 1.05% to 4312 closed higher. Malaysian palm oil futures rose for the third consecutive session on Tuesday, helped by short coverings and strength in Chicago soyoil after trading sideways earlier in the day.

Overnight Soybean oil May Month rose 0.36 to 48.60. Soybean Futures ended higher. Dalian's most active palm oil contract rose 212 to 8512.

Following the bullish performance of dalian oil and soybean oil, the FCPO could trade higher. A break above 4234 (yesterday's high) would target 4349/4368 en route to 4387. On the flip side, the next support is located at 4287 (Pivot), followed by 4268 (S1), and finally 4224 (Yesterday’s low).

(News Source: Reuters)

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Market Mover
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