RHB Retail Research
FCPO - Bulls Maintaining Control
Maintain long positions as the upward move is not showing signs of hitting a top yet. The FCPO’s multi-month upward move continued to show signs of extending in the latest session. At the closing, the soft commodity advanced MYR38 to settle at MYR2,912. Trading ranged between MYR2,899 and MYR2,922. The encouraging tone is supported by the 200-day SMA line, which continued to curve upwards. Additionally, the risk for it to experience a deeper correction would still be contained, provided prices continue to hold above the MYR2,806 immediate support level. Maintain our positive trading bias.
As the bulls are still able to maintain a firm grip over the positive price trend, traders are advised to 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 expected to emerge at MYR2,806, the latest session’s low. This is followed by MYR2,685, the low of 2 Dec. On the other hand, 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 - 23 Dec 2019
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