Maintain long positions. The bulls continued to signal control over the FCPO in the latest trade, as it reversed from a
weak opening again. The price of the commodity dropped to a low of MYR2,884, before rebounding to settle at
MYR2,942 – marking a slip of just MYR1.00. While the price failed to climb much further over the past three sessions,
the intraday price movements over the same period indicated that the bulls were still in control, and there is no strong
evidence that would suggest price exhaustion. Our trading thesis remains unchanged – that the commodity could, at
the minimum, retest 21 Sep’s high of MYR3,104.
 

As the bulls have firm control over the price trend, we recommend that traders remain in long positions. We initiated
these at MYR2,888, the closing level of 21 Oct. To manage risks, a stop-loss can be placed below MYR2,820.
 

We maintain the support levels at MYR2,900, followed by MYR2,850. Moving up, the immediate resistance is
estimated to emerge at MYR2,970, followed by MYR3,000.