RHB Retail Research

Author: rhboskres   |   Latest post: Thu, 21 Jan 2021, 5:39 PM


FCPO - Bulls Pause At Crossroads

Author:   |    Publish date:

Maintain long positions. The FCPO took a breather after a strong rebound on Monday, retracing MYR77.00 to settle at MYR3,249. The commodity had a weak opening, as it gapped down by MYR57.00 at MYR3,269. Mild buying interest let to the FCPO testing the day’s high of MYR3,315, before falling to the day low at MYR3,241. Looking at the price action on Monday and Tuesday, we believe the bulls and bears are evenly matched in strength. The FCPO traded within the upper boundary of MYR3,332 and lower boundary of MYR3,234. A breakout on either side of the boundary will see the formation of a new trend. We will keep an eye on the price action in the next two sessions. Although investor sentiment has turned cautious, we make no change to our positive trading bias.

We recommend that traders stick to long positions. Our long positions were initiated at MYR3,326, or the closing level of 23 Nov. To manage risks, a stop-loss can be placed below the MYR3,234 mark.

The immediate support is marked at MYR3,234, and followed by the recent low of MYR3,182. Towards the upside, the immediate resistance is pegged at MYR3,332, followed by MYR3,370.

Source: RHB Securities Research - 30 Nov 2020

Share this

  Be the first to like this.

I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Perform Technical & Fundamental Analysis on Stocks
MQ Affiliate
Earn rewards by referring your friends

466  534  628  513 

Top 10 Active Counters
 DNEX 0.28-0.02 
 FINTEC 0.08+0.005 
 DNEX-WD 0.060.00 
 PBBANK 4.40+0.14 
 KEYASIC 0.105+0.015 
 KSTAR 0.145-0.03 
 AT 0.17-0.005 
 QES 0.38+0.015 
 PHB 0.0250.00 
 MLAB 0.075+0.01 


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!


2. 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
3. CIMB: FREIGHT is trading at a 60.9% & 30.8% discount to its local & regional peers gloveharicut
4. Intco, Top Glove, Supermax - A Quick Comparison Trying to Make Sense Bursa Investments
5. Jaks Resources - Final Update :- Jaks Hai Duong Power Plant achieved FULL COD ! DK
6. Health Ministry says govt not keen to implement MCO for a long period save malaysia!
7. Eurocham: No mention of lockdown after Feb 4 in meeting with Miti save malaysia!
8. Bargain hunting lifts GLOVEs share prices, say analyst, fund manager as situation remains 'volatile' gloveharicut