Maintain long positions. The FCPO ended its recent sessions’ upward move as it closed it latest session MYR73 lower at MYR2,451. This was after it hit a low and high of MYR2,425 and MYR2,494. The latest weak performance, which came after the commodity failed to hold on to most of its intraday gains in the prior session, is an indication of possible profit-taking after its recent sharp upward move. At this juncture, provided the MYR2,400 support is not breached, our trading bias should stay positive.

Traders are recommended to remain in long positions. We initiated these at MYR2,495, the closing level of 4 Mar. To manage risks, a stop-loss can be placed below MYR2,400.

The immediate support is revised to MYR2,400 – the price point from 4 Mar’s candle. This is followed by MYR2,349, the low of 4 Mar. Meanwhile, the immediate resistance is now set at MYR2,494, the latest high, followed by MYR2,550, derived from 5 Mar’s candle.

Source: RHB Securities Research - 9 Mar 2020