2023 FCOJ contracts find support at 20-day average
In the first week of August, Sep-23 FCOJ drifted lower from its late-July contract high near 317.75 cents per ps, finding support the first week in August below 300.00 and above the 20-day moving average. On Aug. 10, the contract settled down 0.10 from Aug. 11 at 300.45, below resistance around 301.35 but holding above that moving average. RSI is neutral; the stochastic saw a bearish crossover, and MACD followed suit the first week in August.
With similar technicals, Nov-23 also gave back gains in August before finding support near the 20-day average, settling Aug. 10 at 288.75 cents. FCOJ contracts are below 281.00 cents for 2024.
Total trading volume for FCOJ futures is down from a month prior. The dollar index is consolidating near its early-August one-month high; the Brazilian real slipped slightly vs. the dollar in recent sessions.
The full version of this commentary appeared on our IQ platform Aug. 10, 2023. Further information, statistics, and pricing for the FCOJ market are available to IQ subscribers.Learn more about becoming a subscriber.
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