Maintain long positions as the commodity closed above MYR2,115. Yesterday, the FCPO briefly breached the MYR2,115 level during the intraday, with a low of MYR2,108. After that, it rebounded to close at MYR2,119, indicating a mild decline of MYR6. Still, we maintain our positive trading bias – as it was still able to close above the MYR2,115 mark. Our outlook turned positive recently, as we expect a rebound to emerge to correct the prior sharp retracement that started from the high of MYR2,433.

On the bias that the commodity may still able to rebound further, we continue recommending that traders keep to long positions. These were opened at MYR2,189, the closing level of 1 Mar. To manage risks, a stop-loss can be placed below MYR2,115.

The immediate support is set at MYR2,093, the low of 26 Dec 2018. This is followed by MYR1,940, the low of 27 Nov 2018. On the other hand, the immediate resistance is set at MYR2,278, the high of 25 Feb. The second resistance may emerge at MYR2,344, the high of 7 Feb.

Source: RHB Securities Research - 12 Mar 2019