RHB Retail Research
FCPO - Prospective Bullish Outlook
Stay long, with a trailing-stop set below the MYR2,806 support. The upside move of the FCPO continued as expected, as a white candle was formed yesterday. It rose to a high of MYR3,140 during the intraday session, before ending at MYR3,128 for the day. Market sentiment remained bullish, as the commodity has formed a white candle for the five consecutive session. This may also further extend the upside swing that started with the 18 Dec’s “Hammer” pattern. Overall, we remain upbeat on the FCPO’s outlook.
As shown in the chart, we are eyeing the immediate support level at MYR2,806, obtained from the low of 18 Dec’s “Hammer” pattern. If this level is taken out, look to MYR2,685 – which was the low of 2 Dec – as the next support. On the other hand, the immediate resistance level is seen at MYR3,202, determined from the previous high of 19 Dec 2016. The next resistance would likely be at the MYR3,300 psychological spot.
Therefore, we advise traders to stay long, in line with our initial recommendation to have long positions above the MYR2,175 level on 9 Oct. A trailing-stop set below the MYR2,806 threshold is advisable to lock in part of the profits.
Source: RHB Securities Research - 31 Dec 2019
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