FCPO
FCPO 3rd Month Futures - 2 May 2024
Thu, 02-May-2024 07:05 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3853
Resistance
3872 / 3891 / 3930 / 3969
Support
3814 / 3775 / 3756 / 3737
Possible Range
3700 to 3900
Strategy
Long positions may be opened above 3850 with targets at 3872/3891 stop-loss at 3820
Short positions may be opened below 3850 with targets at 3775/3756 stop-loss at 3880

FCPO July month fell 97 points or 2.48% to 3818 closed lower. Malaysian palm oil futures fell on Tuesday, closing at their lowest in more than two months, as falling exports in the world's second-biggest producer and weak Chicago soyoil prices weighed.

Overnight Soybean oil Jul Month rose 0.25 to 43.26. Soybean Futures ended higher.

Following the mixed performance of soybean oil, the FCPO could trade lower. A break below 3814 (yesterday's low) would target 3775/3756 en route to 3737. On the flip side, the next resistance is located at 3853 (Pivot), followed by 3872 (R1), and finally 3930 (Yesterday’s high).

(News Source: Reuters)

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