FCPO
FCPO 3rd Month Futures - 29 April 2024
Mon, 29-Apr-2024 07:55 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3884
Resistance
3908 / 3932 / 3950 / 3968
Support
3866 / 3848 / 3824 / 3800
Possible Range
3800 to 4000
Strategy
Long positions may be opened above 3880 with targets at 3932/3968 stop-loss at 3850
Short positions may be opened below 3880 with targets at 3866/3848 stop-loss at 3910

FCPO July month rose 22 points or 0.57% to 3896 closed higher. Malaysian palm oil futures rebounded from a two-day fall on Friday amid declining yields and ample domestic demand, while higher oil prices also supported, although the contract still closed lower for the week.

Overnight Soybean oil Jul Month rose 0.11 to 45.54. Soybean Futures ended higher. Dalian's most active palm oil contract rose 130 to 7462.

Following the bullish performance of soybean oil and dalian oil, the FCPO could trade higher. A break above 3920 (yesterday's high) would target 3932/3950 en route to 3968 . On the flip side, the next support is located at 3884 (Pivot), followed by 3866 (S1), and finally 3836 (Yesterday’s low).

(News Source: Reuters)

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