Highlights

RHB Retail Research

Author: rhboskres   |   Latest post: Fri, 29 May 2020, 5:02 PM

 

FCPO - Sliding Mode Is Extending

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Maintain short positions, retracement is showing continuation. The FCPO extended its retracement in the latest session, ending MYR30 weaker at MYR2,309. The immediate support of MYR2,300 was also briefly tested with a low of MYR2,298. The weak performance is a negative price continuation from the prior session’s price rejection derived from the 200-day SMA line. Towards the upside, as long as the commodity is still capped by the said SMA line, which the bulls had attempted to cross a few times in March, trading bias would remain negative.

As the bears are having a firm control over the retracement phase, we keep to our recommendation for traders to stay in short positions. We initiated these at MYR2,339, the closing level of 1 Apr. To manage risks, a stop-loss can be placed above MYR2,430.

The immediate support is kept at the MYR2,300 round figure, followed by MYR2,250. Conversely, the immediate resistance is now set at MYR2,370, near the latest high. This is followed by MYR2,430 – near the 200-day SMA line.

Source: RHB Securities Research - 3 Apr 2020

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