FCPO
FCPO 3rd Month Futures - 26 April 2024
Fri, 26-Apr-2024 06:48 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3885
Resistance
3920 / 3954 / 3994 / 4033
Support
3846 / 3806 / 3772 / 3737
Possible Range
3750 to 3950
Strategy
Long positions may be opened above 3890 with targets at 3920/3954 stop-loss at 3860
Short positions may be opened below 3890 with targets at 3806/3772 stop-loss at 3920

FCPO July month fell 68 points or 1.73% to 3874 closed lower. Malaysian palm oil futures closed at a two-month low on Thursday amid weaker edible oils and rising production expected in key palm-producing countries.

Overnight Soybean oil Jul Month rose 0.16 to 45.43. Soybean Futures ended higher. Dalian's most active palm oil contract fell 134 to 7266.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break below 3817 (yesterday's low) would target 3806/3772 en route to 3737 . On the flip side, the next resistance is located at 3885 (Pivot), followed by 3920 (R1), and finally 3965 (Yesterday’s high).

(News Source: Reuters)

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