RHB Retail Research
FCPO - Bullish Trend Remains Intact
Stay long, with a trailing-stop set below the MYR2,806 support. The FCPO formed a positive candle yesterday. It closed at MYR2,907, off its high of MYR2,919 and low of MYR2,894. On a technical basis, we maintain our positive sentiment, as the FCPO is still trading above the MYR2,806 support mentioned previously. That said, as long as the bullishness of the “Hammer” pattern created on 18 Dec is not negated, this would show that the upside swing is not diminished yet. Overall, we remain bullish in our outlook.
According to the daily chart, we are eyeing the immediate support level at MYR2,806, ie the low of 18 Dec’s “Hammer” pattern. The next support would likely be at MYR2,685, determined from the low of 2 Dec. On the other hand, we anticipate the immediate resistance level at MYR2,986, obtained from the high of 16 Feb 2017. If a breakout arises, the next resistance is seen at MYR3,075, situated at the previous high of 15 Feb 2017.
Hence, we advise traders to stay long, in line with our initial recommendation to have long positions above the MYR2,175 level of 9 Oct. For now, a trailing-stop set below the MYR2,806 threshold is advisable in order to lock in part of the profits.
Source: RHB Securities Research - 24 Dec 2019
More articles on RHB Retail Research
Discussions
Be the first to like this. Showing 0 of 0 comments
Post a Comment
Featured Posts
Introducing MY's First IPO Fund for Sophisticated Investors!
New Update. Discover investment communities that resonate with your ideas
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
Apps
Top Articles
1
CEO Morning Brief
PGF Capital to Distribute Thermal Insulated Panels for Data Centres
3
Rakuten Trade Research Reports
4
5
The Alpha Trader
6
Bimb Research Highlights
7
Chloe Tai Blog
8
RHB Investment Research Reports
#
Stock
Score
Daily Stocks
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
Stock Name
Last
Change
Volume
MQ Trading Signals
Stock
Time
Signal
Duration
Stock
Time
Signal
Duration
Featured Advertisers / Partners
Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
