FCPO
FCPO 3rd Month Futures - 15 May 2024
Wed, 15-May-2024 07:47 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3842
Resistance
3859 / 3876 / 3907 / 3937
Support
3812 / 3781 / 3764 / 3747
Possible Range
3700 to 3900
Strategy
Long positions may be opened above 3840 with targets at 3859/3876 stop-loss at 3810
Short positions may be opened below 3840 with targets at 3781/3764 stop-loss at 3870

FCPO July month fell 54 points or 1.40% to 3814 closed lower. Malaysian palm oil futures closed down on Tuesday, snapping previous session gains, as the market is awaiting Malaysia's palm oil export and production performance for further cues.

Overnight Soybean oil Jul Month fell 1.75 to 43.40. Soybean oil Futures ended lower. Dalian's most active palm oil contract fell 138 to 7378

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade lower. A break below 3809 (yesterday's low) would target 3781/3764 en route to 3747. On the flip side, the next resistance is located at 3842 (Pivot), followed by 3859 (R1), and finally 3904 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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