RHB Retail Research
FCPO - Stays Positive
Trend is still positive; maintain long positions. The FCPO staged an intraday rebound and closed MYR16 higher, at MYR2,874. The session’s low was at MYR2,819. The commodity’s price actions over the recent sessions indicate that a relatively narrow consolidation phase may be developing. This was to correct its previous strong upward move which pushed the RSI into overbought territory. Provided the MYR2,806 support level is not breached, the risk of a deeper correction developing would be contained. We maintain a positive trading bias.
As the correction phase is relatively narrow, traders should remain in long positions. These were initiated at MYR2,175, the closing level of 9 Oct. To manage risks, a stop-loss can now be placed below MYR2,806.
The immediate support is kept at MYR2,806, the latest session’s low. This is followed by MYR2,685, the low of 2 Dec. Meanwhile, the immediate resistance is set at MYR2,986, the high of 16 February 2017. This is followed by MYR3,075, the high of 15 February 2017.
Source: RHB Securities Research - 20 Dec 2019
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