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RHB Retail Research

Author: rhboskres   |   Latest post: Fri, 17 Jan 2020, 9:43 AM

 

FCPO - No Sign Of a Correction Yet

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Upward move still not showing signs of hitting a top; maintain long positions. The FCPO formed a white candle to settle MYR36 stronger at MYR2,723. This came after it hit a low and high of MYR2,645 and MYR2,726. The positive session continues to signal that the bulls still dominate the price trend. The recent minor correction pushed the RSI reading to a more healthy level (it was previously overbought). For now, as long as the immediate support of MYR2,634 is not breached, the risk of a deep correction would still be contained. We keep to our positive trading bias.

As the momentum is still not showing sign of fading; traders should remain in long positions. These were initiated at MYR2,175, the closing level of 9 Sep. To manage risks, a stop-loss can be placed below MYR2,634, the latest session’s low.

Immediate support is expected at MYR2,634, the low of the latest session, followed by MYR2,558, the low of 14 Nov. On the other hand, the immediate resistance is set at MYR2,800, followed by MYR2,855, ie the high of 30 Oct 2017.

Source: RHB Securities Research - 29 Nov 2019

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