Many commodities had been in a superb trend for the past few m | Bursa Pilot Group

Many commodities had been in a superb trend for the past few months, for example Aluminium, Steel, Lumber, Brent Oil and FCPO.

Today we will look more into FCPO, so looking at its chart; it had a very strong surge since mid December and is currently undergoing a retracement. Such retracement is always good for a healthier looking chart. Its key support stands at 5194 area and as long as it stays above it, it is still very much healthy.

Though FCPO is currently in retracement, but we do see many plantation related counters going on full force for this past few weeks. This is a common sight in our market for commodity counters; there tends to be a slight delay for our local counters to follow up, so do take note for you can enter at low in the future.

Currently, BPLANT is definitely the leader as it had broke past its resistance long ago and is still surging high. As opposed to the many others like SOP, JTIASA and THPLANT, these are still testing or on their way to the resistance. FGV seems to have a potential breakout today, but it seems to lack volume to back it up for now.

One important thing to note is that FCPO is yet to breakout from its current resistance, so this is all a mere delayed reaction from our local counters. This means that they may move into retracement at any time following the movement of current FCPO.

So don't blindly chase high, take calculated risk and set your stop loss well before making any trades.
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