RHB Retail Research

Author: rhboskres   |   Latest post: Wed, 20 Jan 2021, 5:57 PM


FCPO - Breaching The Resistance

Author:   |    Publish date:

Stop-loss triggered; initiate long positions. The FCPO jumped higher on Wednesday, surging MYR85 to settle at MYR3,364. The commodity started the session with a strong opening, rising MYR20 to open at MYR3,299. However, the commodity was overcome by the bears, pushing it down to the session’s low of MYR3,277, where it continued to hover until the final trading hour. The bulls trumped the bears and pushed the commodity towards the session’s high of MYR3,370, breaching the resistance of MYR3,350. With the latest development, we think that the correction phase or consolidation is over, and the commodity is ready to resume its uptrend. A breach above the immediate resistance will see the commodity challenge the multi-year high of MYR3,413. With the RSI indicator rounding up, the short-term trend looks to be bullish. As such, we switch to a positive trading bias.

Our previous short positions initiated at MYR3,380, or the closing level of 13 Nov – were closed out in the latest session at MYR3,350. Concurrently, we initiate long positions. To manage risks, a stop-loss can be placed below MYR3,276.

The immediate support is marked at the low of 17 Nov, which is MYR3,276, followed by MYR3,234. Towards the upside, the immediate resistance is pegged at MYR3,380, followed by MYR3,413, ie the high of 13 Nov

Source: RHB Securities Research - 24 Nov 2020

Share this

  Be the first to like this.

I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Stock Screener using Technical and Fundamental criteria
MQ Affiliate
Join the MQ Affiliate Program today to earn rewards

275  849  537  455 

Top 10 Active Counters
 DNEX 0.30+0.04 
 DNEX-WD 0.06+0.015 
 BIOHLDG 0.295-0.005 
 XOX 0.08-0.01 
 PHB 0.0250.00 
 XOX-WC 0.020.00 
 LUSTER 0.195+0.01 
 VIZIONE 0.225-0.045 
 QES 0.365-0.015 
 AT 0.175-0.005 


1. The Equity Market Index Benchmark in Malaysia CMS
2. Trading Scenarios of Derivatives Bursa Derivatives Education Series
3. Derivatives 101 Bursa Derivatives Education Series
4. Why Trade FKLI? Bursa Derivatives Education Series
5. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!


1. Tan Sri Lim: “Being sick is being abnormal.” TOPGLOV allows only 2 paid sick leave p.a. LHL please make a police report if what you says is true! gloveharicut
2. Intco, Top Glove, Supermax - A Quick Comparison Trying to Make Sense Bursa Investments
3. Jaks Resources - Final Update :- Jaks Hai Duong Power Plant achieved FULL COD ! DK
4. Bargain hunting lifts GLOVEs share prices, say analyst, fund manager as situation remains 'volatile' gloveharicut
5. Eurocham: No mention of lockdown after Feb 4 in meeting with Miti save malaysia!
6. CIMB: FREIGHT is trading at a 60.9% & 30.8% discount to its local & regional peers gloveharicut
7. Health Ministry says govt not keen to implement MCO for a long period save malaysia!
8. Supermax record profit must prevail - Koon Yew Yin Koon Yew Yin's Blog