RHB Retail Research
FCPO - Persistent Upward Momentum
Maintain long positions. The FCPO formed another white candle on Tuesday. It settled at MYR2,923, after hovering between a high of MYR2,926 and low of MYR2,894. Technically, the bullish sentiment stays unchanged, as the commodity has remained above the rising 21-day SMA line and MYR2,806 support mentioned previously. We believe market rebound is likely to persist in the coming sessions, since the FCPO has not negated the bullishness of 18 Dec’s “Hammer” pattern. Overall, we stay bullish on the FCPO’s outlook.
Based on the daily chart, the immediate support level is anticipated at MYR2,806, determined from the low of 18 Dec’s “Hammer” pattern. If a decisive breakdown occurs, look to MYR2,685 – ie the low of 2 Dec – as the next support. Towards the upside, the immediate resistance level is seen at MYR2,986, situated at the high of 16 Feb 2017. Meanwhile, the next resistance is maintained at MYR3,075, which was the previous high of 15 Feb 2017.
Thus, we advise traders to maintain long positions, given we initially recommended initiating long, above the MYR2,175 level on 9 Oct. In the meantime, a trailing-stop can be set below the MYR2,806 mark in order to secure part of the gains.
Source: RHB Securities Research - 26 Dec 2019
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