RHB Retail Research

FCPO: Mild Rebound From Immediate Support

Publish date: Thu, 25 Nov 2021, 06:38 PM
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RHB Retail Research

Maintain long positions. The FCPO recovered some losses incurred in previous sessions, rebounding by MYR64.00 to close at MYR4,916. Initially, it opened stronger at MYR4,927. Traders then took profit and dragged the commodity to the session’s low of MYR4,851. The FCPO then rebounded from this point and climbing towards the session’s high of MYR4,937 before closing. The latest session reaffirms that MYR4,850 is a strong support. Breaching the threshold may trigger a correction towards MYR4,700 or, at least, retest the 50-day SMA line. In the sessions ahead, the commodity may likely consolidate sideways above the immediate support. We are maintaining a positive trading bias until the stoploss has been breached.

Traders should hold on to long positions, which were initiated at MYR4,899 or the closing level of 17 Nov. To mitigate the trading risks, the stop-loss has been at MYR4,850.

The immediate support is marked at MYR4,850, followed by MYR4,700. Meanwhile, the nearest resistance stays at MYR5,000, followed by MYR5,069 or the high of 19 Nov.

Source: RHB Securities Research - 25 Nov 2021

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