FCPO
FCPO 3rd Month Futures - 25 April 2024
Thu, 25-Apr-2024 07:26 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3963
Resistance
3983 / 4002 / 4031 / 4060
Support
3934 / 3905 / 3886 / 3866
Possible Range
3800 to 4000
Strategy
Long positions may be opened above 3960 with targets at 3983/4002 stop-loss at 3930
Short positions may be opened below 3960 with targets at 3934/3905 stop-loss at 3990

FCPO July month fell 28 points or 0.71% to 3943 closed lower. Malaysian palm oil futures surrendered earlier gains to reverse a two-day climb on Wednesday amid waning strength in soyoil and crude oil, while a stronger ringgit further weighed on investor sentiment.

Overnight Soybean oil Jul Month fell 0.61 to 45.27. Soybean Futures ended lower. Dalian's most active palm oil contract fell 16 to 7492.

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3925 (yesterday's low) would target 3905/3886 en route to 3866. On the flip side, the next resistance is located at 3963 (Pivot), followed by 3983 (R1), and finally 4022 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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