FCPO
FCPO 3rd Month Futures - 17 April 2024
Wed, 17-Apr-2024 08:53 am
by Futrues Dealing • Apex Futures

FCPO
Pivot
4104
Resistance
4121 / 4137 / 4168 / 4199
Support
4073 / 4042 / 4026 / 4009
Possible Range
4000 to 4200
Strategy
Long positions may be opened above 4100 with targets at 4137/4168 stop-loss at 4070
Short positions may be opened below 4100 with targets at 4042/4026 stop-loss at 4130

FCPO July month fell 67 points or 1.62% to 4074 closed lower. Malaysian palm oil futures extended losses for a third straight session on Tuesday, closing at its lowest in nearly six weeks in anticipation of improving production and softer demand.

Overnight Soybean oil Jul Month fell 0.53 to 45.48. Soybean Futures ended lower. Dalian's most active palm oil contract fell 48 to 7596.

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 4072 (yesterday's low) would target 4042/4026 en route to 4009. On the flip side, the next resistance is located at 4104 (Pivot), followed by 4121 (R1), and finally 4167 (Yesterday’s high).

(News Source: Reuters)

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