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
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