FCPO
FCPO 3rd Month Futures - 14 May 2024
Tue, 14-May-2024 07:38 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3872
Resistance
3893 / 3919 / 3943 / 3966
Support
3859 / 3846 / 3836 / 3825
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3870 with targets at 3919/3966 stop-loss at 3840
Short positions may be opened below 3870 with targets at 3859/3846 stop-loss at 3900

FCPO July month rose 58 points or 1.52% to 3867 closed lower. Malaysian palm oil futures closed higher on Monday as the market tracked strength in rival oils at Dalian and Chicago Board of Trade, while the market awaited export data for further cues.

Overnight Soybean oil Jul Month rose 0.71 to 45.15. Soybean oil Futures ended higher. Dalian's most active palm oil contract rose 122 to 7494

Following the bullish performance of soybean oil and dalian oil, the FCPO could trade higher. A break below 3898 (yesterday's high) would target 3919/3943 en route to 3966. On the flip side, the next support is located at 3872 (Pivot), followed by 3859 (S1), and finally 3851 (Yesterday’s low).

(News Source: Reuters)

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Market Mover
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EUR 4.664934 4.669654
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