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Traders’ Almanac
Brent Crude Oil - Testing
Critical Resistance
BRENT CRUDE OIL – Testing critical resistance Analysts
TAS OFFSHORE – New up leg has been established Nik Ihsan Raja Abdullah, MSTA, CFTe
EA TECHNIQUE – Breakout from “flag” pattern (603) 2297 8694
nikmohdihsan.ra@maybank-ib.com
CRUDE PALM OIL – Ready to climb higher
KLCI INDEX FUTURES – Rebound mood Tee Sze Chiah
(603) 2082 6858
TECHNICAL
1,735 and 1,745. Downside supports are 1,729 and 1,713. GOLD 0.03 1,275.40 UP
USDMYR 0.08 4.2352 NEUTRAL
(Sources: Bloomberg)
TODAY’S HIGHLIGHT – BRENT CRUDE OIL, MAKE-IT OR BREAK-IT MOVE (Candlestick & 3 Line Break Chart)
We had earlier predicted that Brent Crude Oil to extend its upward trajectory after making a recovery from the
USD53.40 low (refer to Traders’ Almanac date 6 Oct 2017). Providentially, oil price did hit our target of
USD58.30. That said, it is now treading in a critical resistance zone. With the candles hovering near the 61.8%
Fibonacci Retracement level and Stochastic showing some signs of exhaustion, we expect selling pressure to
surface. The silver-lining here is that we have yet to see a clear reversal signal yet. Therefore, we are still
maintaining our bullish view for now. A positive close above USD58.40 may prolong the upward move towards
USD61.00 in the near-term. On the flip side, a fall below USD57.80 will likely drag Brent Crude Oil towards the
next support at USD55.00.
THIS REPORT HAS BEEN PREPARED BY MAYBANK INVESTMENT BANK BERHAD PP16832/01/2013 (031128)
SEE PAGE 5 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS
Technical Research
TRADING IDEAS
STRATEGY:
ACCUMULATE (TECHNICAL)
STRATEGY:
ACCUMULATE (TECHNICAL)
CRUDE PALM OIL FUTURES (FCPO) ACTIVE CONTRACT, HOURLY CANDLESTICK CHART (MYR2,806)
INTRADAY TREND
EXPECTATION:
INTRADAY TREND
EXPECTATION: