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FCPO IS MOVING IN A DOWNTREND CHANNEL

Short
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MYX_DLY:FCPO1!   Crude Palm Oil Futures
Observing the FCPO, it's evident that the price is presently following a downward trend within a channel.

The recent support level, previously at 4240, has now been breached and is acting as resistance. The question arises: will this level continue to exert significant influence in holding the price?
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