FCPO
FCPO 3rd Month Futures - 22 April 2024
Mon, 22-Apr-2024 06:57 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3951
Resistance
3984 / 4017 / 4061 / 4105
Support
3907 / 3863 / 3830 / 3797
Possible Range
3800 to 4100
Strategy
Long positions may be opened above 3950 with targets at 3984/4017 stop-loss at 3920
Short positions may be opened below 3950 with targets at 3907/3863 stop-loss at 3980

FCPO July month fell 58 points or 1.46% to 3926 closed lower. Malaysian palm oil futures surrendered early gains on Friday, setting them on course for a second consecutive weekly decline, as traders weighed concerns over escalating tensions in the Middle East and slowing palm oil demand.

Overnight Soybean oil Jul Month rose 0.28 to 44.94. Soybean Futures ended higher. Dalian's most active palm oil contract fell 56 to 7380.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break below 3886 (yesterday's low) would target 3863/3830 en route to 3797. On the flip side, the next resistance is located at 3951 (Pivot), followed by 3984 (R1), and finally 4040 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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