Mid Day Market Update: KLCI Marginally Lower Weighed Down by Banking Sector, While Bulls of HSI Futures Making a Comeback

HKEX

The FBM KLCI dropped slightly at midday break, down by 1.49 points to 1,541.53. The corporate earnings results of banks weigh on investors’ sentiment. HLFG, Maybank, Public Bank, CIMB all went lower just before lunch break.

With the corporate earnings season, it is expected that investors stay on the sideline pending for new leads. Hence KLCI is going to whipsaw just below resistance level.

Hang Seng Index Futures:  Crossing Above The 50-Day SMA Line

RHB Research has retained its ‘LONG’ positions on HSI futures.

The HSIF swung higher on strong momentum, rising 313 points to settle the May 2022 futures contract at 21,067 points – breaching above the 50-day SMA line. The index initially opened at 20,887 points. After touching the day session’s 20,884-point low, it climbed to test the session’s 21,139-point high before closing at 21,067 points. During the evening session, the Jun 2022 futures contract retraced slightly, and last traded at 20,912 points. The latest session saw the index strengthening above the 20-day SMA line. If it breaks past the 21,216-point resistance, the 20-day SMA line would also cross above the 50-day SMA line, thereby strengthening the bullish setup. On the other hand, a fall below the 20-day SMA line may dent market sentiment. As bullish momentum is now in play, hence the research house maintains its positive bias in this futures.

WTI Crude : Attempting To Surpass The Immediate Resistance

‘LONG’ positions being maintained by RHB Research.

The WTI Crude continued to inch higher after recouping from its intraday low yesterday, as it climbed USD0.98 to settle at USD115.07 – eyeing to hit the USD115.56 immediate resistance. The black gold opened at USD114.20 and fell lower towards the USD112.85 low before rebounding strongly. The buying interest then emerged to propel the commodity towards USD115.30 – surpassing the opening level – before the close. The buying interest on the WTI Crude remains intact, and is on track to stage a breakout above the USD115.56 immediate resistance. This is amid the current “higher low” bullish structure above the 50-day average line, which is supported by the improving RSI pointing at the 60% level. On that basis, the house is sticking to its bullish trading stance.

Previous articleMalaysian Producer Price Index Remains at 11PC In April 2022: DOSM
Next articleFGV Gains From CPO Demand, 2022 Q1 Profits Surge To RM501 Million From RM15 Million

LEAVE A REPLY

Please enter your comment!
Please enter your name here