Bursa Malaysia ended the Morning morning trading session lower, with the FBM KLCI decreased by 0.39% or dropped 5.51 points to 1,420.28 (from Friday’s closing, 1,425.79)
On the market breadth, losers outpaced gainers 526 to 252. Whilst, turnover stood at 1.59 billion, valued at RM642.33 million.
The local bourse is expected to trade in volatile as the region markets are sliding down
WTI Crude : The Rebound Is Losing Steam
RHB Research in its latest technical analysis report dated July 12, 2022 has maintained short positions on the WTI Crude
The WTI Crude’s counter-trend rebound faced strong headwinds yesterday, pulling back USD0.70 to close at USD104.09. It began Monday’s session at USD104.79. At one point, it fell sharply towards the session’s low of USD100.89 on profit-taking. It then pared the intraday losses to close at USD104.09. The latest long lower shadow suggests that the bears are attempting to overpower the bulls. If the commodity charts a fresh “lower low” in coming sessions, we will see the bears back in the driver’s seat. Despite the commodity recently seeing a strong rebound from the USD98.20 support, the RSI shows that momentum remains weak, as it is still below the 50% threshold. It is likely that the commodity will resume its downward movement, as suggested by the recent negative price action. Hence the research house is keeping its bearish bias until the trailing-stop is breached.
COMEX Gold: Correction In Play
“Short” positions are being maintained by RHB Research.
The COMEX Gold continued to move lower on Monday, falling USD10.60 to close at USD1,731.70. The commodity opened yesterday’s session lower at USD1,741.50. After trading between USD1,743 and USD1,729, it closed at USD1,731.70 – erasing the gains made on Thursday and Friday. The latest session saw negative momentum picking up pace again, as the RSI also moves lower. It is observed that the Bearish Marubozu – which formed on 6 Jul – remains intact, and hence the bears remain in control. The commodity will extend its correction until it is able to form a bullish reversal candlestick to negate the Bearish Marubozu. As such, the research house is holding on to its bearish bias for now, until the trailing stop is triggered.
