Maintain short positions while adjusting the trailing-stop. The FCPO gave back most of its intraday gains to settle MYR1 higher at MYR2,009. The high and low were posted at MYR2,030 and MYR2,006. The inability of the commodity to keep to the earlier session’s gains suggest that the overall tone is still negative. As a trend, the declining bias that started from the high of MYR2,344 on 7 Feb is still not showing firm signs of reaching an interim low for a deeper rebound to take place. The recent sessions’ rebound can only be seen as just a minor pause by the bears. Hence, we are keeping our negative trading bias.

Given that the bears are still seen controlling the price trend, we continue to recommend traders remain in short positions. We initiated these at MYR2,084, the closing level of 30 May. To manage risks, we revised the stop-loss to above MYR2,030, the high of the latest session.

The immediate support is still expected to emerge at MYR1,940, the low of 27 Nov 2018. This is followed by MYR1,900 threshold. Moving up, the immediate resistance is set at MYR2,124, the high of 30 Apr. This is followed by the MYR2,200 leve

Source: RHB Securities Research - 17 Jun 2019