RHB Retail Research

FCPO - Rising Higher Amid Selling Pressure Absorbed

rhboskres
Publish date: Mon, 16 Nov 2020, 05:53 PM
rhboskres
0 9,021
RHB Retail Research

Maintain long positions. The FCPO saw another volatile session, moving MYR29.00 higher when compared to the previous session. The commodity started the session at MYR3,218 before soon retracing lower to the MYR3,193 low. It struggled between MYR3,218 and MYR3,193 most of the time, before taking off during the final trading hour – rising to the MYR3,259 day high. Though the FCPO experienced some profit taking during the early session, the selling pressure was fully absorbed and the commodity closed at MYR3,256 – a level near to the day’s high. The price action displayed during the last two sessions had successfully weakened the Dark Cloud Cover. With the RSI still trending upwards, there is a possibility that we will witness the FCPO taking out the immediate resistance level soon. With the recent higher highs or lows price observations, we maintain our positive trading bias.

We recommend traders stay in long positions. We initiated these at MYR3,208, or the closing level of 5 Nov. To limit downside risks, we revise the stop-loss to MYR3,175.

The immediate support is moved higher to MYR3,154 and followed by MYR3,059. On the upside, the immediate resistance is revised to the 6 Nov high – MYR3,262 – and followed by the MYR3,300 round figure.

Source: RHB Securities Research - 16 Nov 2020

Discussions
Be the first to like this. Showing 2 of 2 comments

calvintaneng

Yes buy and hold longer

Like an incoming waves

3 steps forward and 2 steps backwards as prices zig zag daily but eventually high tide

So expect Cpo prices to go even higher

2020-11-16 18:01

stockraider

Patience Is Our Biggest Asset

Peter Lim made his wealth through patient, long-term investing.

He does not like to trade – which is to buy one day and sell the next to lock in profits.

He said that “people who get rich are those who buy a company, build it, run it.”

It takes time for businesses to grow; they certainly do not flourish overnight.

He also did not worry about the short-term fluctuations of the stock market.

One time, the Singapore’s stock market took a sharp nosedive, wiping out more than $100 million of his stock’s value.

However, Lim was unruffled. Having been through many crashes and financial crises, he knew that things would turn out fine after all, and it did.

Interestingly, Lim got to where he is today through a mixture of savvy investing and sheer grit.

His story showed us that in order to succeed, we need to have the patience to grow a business instead of looking for short-term gains.

INSAS IS A REAL PATIENCE INVESTING LOH...!!

2020-11-16 19:38

Post a Comment