FCPO
FCPO 3rd Month Futures - 23 April 2024
Tue, 23-Apr-2024 06:38 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3929
Resistance
3977 / 3996 / 4015 / 4058
Support
3910 / 3891 / 3867 / 3843
Possible Range
3800 to 4100
Strategy
Long positions may be opened above 3930 with targets at 3996/4058 stop-loss at 3900
Short positions may be opened below 3930 with targets at 3910/3891 stop-loss at 3960

FCPO July month rose 18 points or 0.46% to 3944 closed higher. Malaysian palm oil futures rebounded on Monday to snap a six-day decline to track higher soyoil prices, although expectations of higher palm production, lower oil prices, and a stronger ringgit capped gains.

Overnight Soybean oil Jul Month rose 0.72 to 45.66. Soybean Futures ended higher. Dalian's most active palm oil contract rose 66 to 7430.

Following the bullish performance of soybean oil and dalian oil, the FCPO could trade higher. A break above 3966 (yesterday's high) would target 3977/3996 en route to 4015. On the flip side, the next support is located at 3929 (Pivot), followed by 3910 (S1), and finally 3880 (Yesterday’s low).

(News Source: Reuters)

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