FCPO
FCPO 3rd Month Futures - 18 April 2024
Thu, 18-Apr-2024 06:38 am
by Futures Dealing • Apex Futures

FCPO
Pivot
4027
Resistance
4054 / 4080 / 4113 / 4146
Support
3994 / 3961 / 3935 / 3908
Possible Range
3900 to 4150
Strategy
Long positions may be opened above 4030 with targets at 4054/4080 stop-loss at 4000
Short positions may be opened below 4030 with targets at 3994/3961 stop-loss at 4060

FCPO July month fell 60 points or 1.47% to 4014 closed lower. Malaysian palm oil futures closed lower on Wednesday for a fourth straight session, slipping to their lowest closing in six weeks, as competitive pricing of rival edible oils weighed on demand.

Overnight Soybean oil Jul Month rose 0.08 to 45.56. Soybean Futures ended higher. Dalian's most active palm oil contract fell 30 to 7492.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break below 3974 (yesterday's low) would target 3961/3935 en route to 3908. On the flip side, the next resistance is located at 4027 (Pivot), followed by 4054 (R1), and finally 4093 (Yesterday’s high).

(News Source: Reuters)

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