FCPO
FCPO 3rd Month Futures - 16 May 2024
Thu, 16-May-2024 06:37 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3834
Resistance
3862 / 3890 / 3910 / 3930
Support
3814 / 3794 / 3766 / 3738
Possible Range
3800 to 3900
Strategy
Long positions may be opened above 3830 with targets at 3862/3890 stop-loss at 3800
Short positions may be opened below 3830 with targets at 3814/3794 stop-loss at 3860

FCPO Aug month fell 37 points or 0.97% to 3850 closed lower. Malaysian palm oil futures ended up on Wednesday as the commodity's price was seen as competitive compared with rival oils, while the market awaited export and production performance data for the first half of the month.

Overnight Soybean oil Jul Month rose 0.15 to 43.55. Soybean oil Futures ended higher. Dalian's most active palm oil contract rose 80 to 7518.

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break above 3874 (yesterday's low) would target 3890/3910 en route to 3930. On the flip side, the next support is located at 3834 (Pivot), followed by 3814 (S1), and finally 3778 (Yesterday’s low).

(News Source: Reuters)

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Market Mover
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