FCPO
FCPO 3rd Month Futures - 10 May 2024
Fri, 10-May-2024 06:33 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3846
Resistance
3860 / 3873 / 3894 / 3915
Support
3804 / 3791 / 3777 / 3743
Possible Range
3700 to 3900
Strategy
Long positions may be opened above 3850 with targets at 3873/3894 stop-loss at 3820
Short positions may be opened below 3850 with targets at 3777/3743 stop-loss at 3880

FCPO July month fell 39 points or 1.01% to 3830 closed lower. Malaysian palm oil futures fell to close at a one-week low on Thursday amid lower prices of rival edible softs and cautious trading ahead of the release of April's palm oil data from key producer Malaysia on Friday.

Overnight Soybean oil Jul Month fell 1.15 to 42.64. Soybean oil Futures ended lower. Dalian's most active palm oil contract fell 92 to 7346.

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3820 (yesterday's low) would target 3791/3777 en route to 3743. On the flip side, the next resistance is located at 3846 (Pivot), followed by 3860 (R1), and finally 3889 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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