OSK - Technical Analyzer_FKLI FCPO_20140123_RHB Retail Research


The market has reached an equilibrium level where bulls and bears are locked in battle but are evenly matched and will fight it out until 1 side emerge victorious.

Nearest resistance at RM 2,600 seem to cap market gains for the moment while support is pegged at RM 2,550. Prices are expected to hug between these 2 levels until a significant breakout occurs on high volume.

Overseas soybean oil price influence is seen as neutral going nowhere. Strong buying interest could take a short breather encouraging bearish interest to try an intraday bear raid.

Market view: Mix sentiment trading viewed bias to slightly lower. We see trading to alternate between selling near resistance level and buying on a sharp dip within the nearest resistance and support levels mentioned.

FCPO Daily Commentary  FCPO230114







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