FCPO
FCPO 3rd Month Futures - 17 May 2024
Fri, 17-May-2024 06:26 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3821
Resistance
3837 / 3853 / 3877 / 3901
Support
3797 / 3773 / 3757 / 3741
Possible Range
3750 to 3900
Strategy
Long positions may be opened above 3820 with targets at 3837/3853 stop-loss at 3790
Short positions may be opened below 3820 with targets at 3773/3757 stop-loss at 3850

FCPO Aug month fell 51 points or 1.32% to 3804 closed lower. Malaysian palm oil futures shed earlier gains and closed lower on Thursday, as traders braced for Malaysia's export data due later this week.

Overnight Soybean oil Jul Month rose 0.97 to 44.52. Soybean oil Futures ended higher. Dalian's most active palm oil contract fell 16 to 7490

Following the mixed performance of soybean oil and dalian oil, the FCPO could trade within the range. A break below 3790 (yesterday's low) would target 3773/3757 en route to 3741. On the flip side, the next resistance is located at 3821 (Pivot), followed by 3837 (R1), and finally 3870 (Yesterday’s high).

(News Source: Reuters)

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Market Mover
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