FCPO
FCPO 3rd Month Futures - 24 April 2024
Wed, 24-Apr-2024 06:26 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3972
Resistance
4020 / 4046 / 4072 / 4123
Support
3946 / 3920 / 3896 / 3872
Possible Range
3900 to 4100
Strategy
Long positions may be opened above 3970 with targets at 4020/4072 stop-loss at 3940
Short positions may be opened below 3970 with targets at 3946/3920 stop-loss at 4000

FCPO July month rose 27 points or 0.68% to 3971 closed higher. Malaysian palm oil futures extended gains on Tuesday amid hot weather in key producer Malaysia, with strong export data and firmer rival oil prices lending support.

Overnight Soybean oil Jul Month rose 0.22 to 45.88. Soybean Futures ended higher. Dalian's most active palm oil contract rose 44 to 7494.

Following the bullish performance of soybean oil and dalian oil, the FCPO could trade higher. A break above 4023 (yesterday's high) would target 4046/4072 en route to 4123. On the flip side, the next support is located at 3972 (Pivot), followed by 3946 (S1), and finally 3923 (Yesterday’s low).

(News Source: Reuters)

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