FCPO
FCPO 3rd Month Futures - 30 April 2024
Tue, 30-Apr-2024 06:43 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3914
Resistance
3932 / 3949 / 3963 / 3976
Support
3887 / 3870 / 3852 / 3821
Possible Range
3800 to 4000
Strategy
Long positions may be opened above 3910 with targets at 3949/3976 stop-loss at 3880
Short positions may be opened below 3910 with targets at 3852/3821 stop-loss at 3940

FCPO July month rose 25 points or 0.64% to 3921 closed higher. Malaysian palm oil futures rose for a second consecutive session on Monday, underpinned by strength in rival Dalian and Chicago oils, although estimates of higher output capped gains.

Overnight Soybean oil Jul Month fell 1.17 to 44.37. Soybean Futures ended lower. Dalian's most active palm oil contract fell 10 to 7430.

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3880 (yesterday's low) would target 3870/3852 en route to 3821. On the flip side, the next resistance is located at 3932 (R1), followed by 3942 (Yesterday’s high), and finally 3963 (R2).

(News Source: Reuters)

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Market Mover
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