FCPO
FCPO 3rd Month Futures - 6 May 2024
Mon, 06-May-2024 06:30 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3835
Resistance
3860 / 3869 / 3877 / 3898
Support
3827 / 3818 / 3805 / 3793
Possible Range
3800 to 3900
Strategy
Long positions may be opened above 3830 with targets at 3869/3898 stop-loss at 3800
Short positions may be opened below 3830 with targets at 3818/3805 stop-loss at 3860

FCPO July month fell 2 points or 0.05% to 3844 closed lower. Malaysian palm oil futures were little change on Friday but logged a fourth consecutive week of losses, as declining exports and lower soybean oil prices weighed.

Overnight Soybean oil Jul Month fell 0.16 to 43.08. Dalian Exchange trading was closed for the Labour Day holiday.

Following the mixed performance of soybean oil, the FCPO could trade within the range. A break above 3851 (yesterday's high) would target 3869/3877 en route to 3898. On the flip side, the next support is located at 3835 (Pivot), followed by 3827 (S1), and finally 3809 (Yesterday’s low).

(News Source: Reuters)

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