FCPO
FCPO 3rd Month Futures - 28 May 2024
Tue, 28-May-2024 06:36 am
by Futures Dealing • Apex Futures

FCPO
Pivot
3883
Resistance
3912 / 3933 / 3953 / 3988
Support
3863 / 3842 / 3828 / 3813
Possible Range
3800 to 3950
Strategy
Long positions may be opened above 3880 with targets at 3933/3953 stop-loss at 3850
Short positions may be opened below 3880 with targets at 3863/3828 stop-loss at 3910

FCPO Aug month fell 15 points or 0.39% to 3870 closed lower. Malaysian palm oil futures fell on Monday for a second consecutive session as weakness in rival Dalian contracts and low trading volume weighed, though estimates of higher exports capped losses.

The US Markets were closed for Memorial Day. Dalian's most active palm oil contract rose 98 to 7720

Following the bullish performance of dalian oil, the FCPO could trade within the range. A break above 3923 (yesterday's high) would target 3933/3953 en route to 3988. On the flip side, the next support is located at 3883 (Pivot), followed by 3863 (S1), and finally 3853 (Yesterday’s low).

(News Source: Reuters)

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