Bulls are pushing ahead; maintain long positions. The FCPO extended its rebound as it settled MYR60 stronger at
MYR2,091. At one point, it tested the immediate resistance of MYR2,095 with a high of MYR2,104. Despite not being
able to settle above the said immediate resistance, we are not seeing signs of a price rejection either from the said level.
This is a positive observation as it indicates the counter-trend rebound that started from the low of MYR1,939 on 6 May
is still firmly in place. This rebound kicked in to correct the commodity’s previous multi-week retracement. Maintain our
positive trading bias.

As the rebound is still showing good signs of developing, we advise traders to stay in long positions. We initiated these
positions at MYR2,032, the closing level of 13 May. To manage risks, a stop-loss can be placed below MYR1,980.
 

We revised the immediate support to MYR2,050 – near the latest low. This is followed by the MYR2,000 round figure.
Conversely, the immediate resistance is at MYR2,095 – the high of 30 Apr, followed by MYR2,125 – the high of 23 Apr.