FCPO Stalls Below RM4,000
RHB Investment Bank Bhd has reiterated a negative trading bias on crude palm oil futures (FCPO), advising traders to maintain short positions as prices continue to hover below key resistance levels.
The house noted that the broader trend remains downbeat, with prices still below both the 50-day and 200-day simple moving averages. Momentum indicators remain soft, as the Relative Strength Index (RSI) continues to trend below the 50% mark, reflecting weak upward strength.
Unless FCPO decisively breaks above RM4,000, the bearish outlook is expected to hold. The investment bank recommended that traders who initiated short positions at RM4,328 on April 4 should continue holding, while setting a stop-loss threshold at RM4,000 to manage risks.
Support is pegged at RM3,700 and RM3,500, with resistance levels seen at RM4,000 and RM4,100 if prices rebound. Related
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