FCPO Daily Analysis for 16 October 2024 - SidewaysThe FCPO market on 16 October 2024 showcased a day of consolidation, with prices fluctuating in a tight range. Both bulls and bears are actively defending their positions, leading to a stalemate in price direction. Key news factors, such as the weakening Malaysian ringgit and increased palm oil exports, have provided support to prices, but global economic uncertainty continues to weigh on the market.
Tomorrow’s session will be critical as traders digest upcoming industry reports and assess the market’s direction. The RM 4,305 support and RM 4,312 resistance levels will be pivotal in determining whether the market breaks out of its range or continues to consolidate. Traders should remain cautious and adapt their strategies based on technical signals and news developments.
By closely monitoring the RSI and key support and resistance levels, traders can navigate tomorrow’s session with a well-structured plan, positioning themselves for success in this dynamic market.