RHB Retail Research

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


FCPO - Profit-Taking At a High

Author:   |    Publish date:

Maintain long positions. The FCPO saw some correction or profit-taking on Thursday, shedding MYR22.00 from the previous session to settle at MYR3,342. The commodity started the session with a positive opening, rising MYR46.00 to open at MYR3,410. However, the bulls were taking the opportunity to pare down their exposure and, coupled with selling pressure from the bears, the FCPO fell from a day high to the day low of MYR3,319. It last traded at MYR3,342. Based on the price action, the bears were respecting the MYR3,337 level, or the low of 13 Nov. As we saw buying interest emerging near this threshold, we think the support zone for the commodity will be between MYR3,276 and MYR3,337. For the bullish trend to be intact, said zone must not be breached in the near term and the momentum indicator RSI should trend up post correction. Since it is still premature to confirm a reversal signal, we maintain a positive trading bias.

We recommend traders switch over to long positions. We initiated these at MYR3,364, or the closing level of 18 Nov. To manage risks, a stop-loss can be placed below the MYR3,276 mark.

The immediate support is marked at the low of 17 Nov, ie MYR3,276, and followed by MYR3,234. Towards the upside, the immediate resistance is pegged at MYR3,380 and followed by the recent MYR3,420 high.

Source: RHB Securities Research - 25 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