FCPO
FCPO 3rd Month Futures - 24 May 2024
Fri, 24-May-2024 06:32 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3893
Resistance
3912 / 3923 / 3933 / 3953
Support
3883 / 3872 / 3863 / 3853
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3900 with targets at 3923/3953 stop-loss at 3870
Short positions may be opened below 3900 with targets at 3883/3863 stop-loss at 3930

FCPO Aug month rose 24 points or 0.62% to 3892 closed higher. Malaysian palm oil futures rose on Thursday due to weakness in the Malaysian ringgit and expectations of improved demand as the tropical oil started trading at a discount to rival soft oils.

Overnight Soybean oil Jul Month fell 0.69 to 45.19. Soybean oil Futures ended lower. Dalian's most active palm oil contract fell 4 to 7606

Following the bearish performance of soybean oil and dalian oil, the FCPO could trade within the range. A break above 3913 (yesterday's high) would target 3923/3933 en route to 3953. On the flip side, the next support is located at 3893 (Pivot), followed by 3883 (S1), and finally 3873 (Yesterday’s low).

(News Source: Reuters)

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Market Mover
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