FCPO
FCPO 3rd Month Futures - 19 April 2024
Fri, 19-Apr-2024 08:53 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3997
Resistance
4006 / 4015 / 4030 / 4045
Support
3982 / 3967 / 3958 / 3949
Possible Range
3900 to 4150
Strategy
Long positions may be opened above 4000 with targets at 4015/4045 stop-loss at 3970
Short positions may be opened below 4000 with targets at 3967/3949 stop-loss at 4030

FCPO July month fell 28 points or 1.47% to 3984 closed lower. Malaysian palm oil futures fell for a fifth straight session on Thursday, pressured by expectations of rising output and slowing demand after the end of the Eid al-Fitr festive season.

Overnight Soybean oil Jul Month fell 0.90 to 44.66. Soybean Futures ended lower. Dalian's most active palm oil contract fell 10 to 7444.

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3980 (yesterday's low) would target 3967/3958 en route to 3949. On the flip side, the next resistance is located at 3997 (Pivot), followed by 4006 (R1), and finally 4028 (Yesterday’s high).

(News Source: Reuters)

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