FCPO
FCPO 3rd Month Futures - 7 May 2024
Tue, 07-May-2024 07:57 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3854
Resistance
3879 / 3896 / 3938 / 3959
Support
3837 / 3825 / 3812 / 3791
Possible Range
3800 to 4000
Strategy
Long positions may be opened above 3850 with targets at 3896/3938 stop-loss at 3820
Short positions may be opened below 3850 with targets at 3825/3812 stop-loss at 3880

FCPO July month rose 18 points or 0.47% to 3862 closed higher. Malaysian palm oil futures closed higher on Monday, tracking gains in rival soyoil prices, although concerns around key producer Malaysia's exports weighed.

Overnight Soybean oil Jul Month rose 0.76 to 43.84. Soybean oil Futures ended higher. Dalian's most active palm oil contract rose 100 to 7496.

Following the bullish performance of soybean oil and dalian oil, the FCPO could trade higher. A break above 3871 (yesterday's high) would target 3896/3938 en route to 3959. On the flip side, the next support is located at 3854 (Pivot), followed by 3837 (S1), and finally 3829 (Yesterday’s low).

(News Source: Reuters)

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Market Mover
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