Bursa Malaysia ended the Thursday morning trading session on higher, the main index FBM KLCI climbed 12.23 points to 1,482.94. Some of the best performers of today, Batu Kawan, MPI, Petronas Dagangan, KLK.
The gain in the main index is buoyed by inflow foreign funds into selected heavyweights, especially in industrial product and services counters.
Overall market breadth was positive with gainers outpaced losers 559 to 239, while 371 counters were unchanged.
Trading volume and value were 1.63 billion units, RM851.92 million respectively.
WTI Crude : Still Maintaining Above The 200-Day SMA Line
Maintain short positions. The WTI Crude bounced off the 200-day average line yesterday by USD2.28 as it closed at USD97.26 – still within the “lower high” posture below the USD99.99 immediate resistance. The commodity started off higher at USD95.60 but fell towards the intraday low of USD94.30 before buying interest emerged. It then bounced off to hit the USD98.59 intraday high before retracing at the close. The positive rebound printed yesterday signifies that the downward pressure was blocked by the 200-day average line. However, yesterday’s buying interest may be shortlived, as the WTI Crude is still trading within the “lower high” bearish structure. It is expected the commodity to move in a sideways direction between the USD99.99 resistance and USD93.67 support in the coming sessions. For the medium-term outlook, the selling pressure to re-emerge towards breaching below the long term average line – also the support levels. Hence, no change to bearish bias.
COMEX Gold: Attempting To Break Above The USD1,750 Resistance
Maintain short positions. The COMEX Gold has yet to break past the USD1,750 immediate resistance, despite climbing USD1.80 from the previous session to settle at USD1,737.50 yesterday. It started off at USD1,733.10 and moved sideways for most of the session. Volatility increased during the US session, with the commodity jumping from the session’s low of USD1,727 to the high of USD1,758.20 before retracing to close at USD1,737.50. The session saw the USD1,750 resistance level remaining intact. If the commodity manages to break past the immediate resistance, the Bearish Marubozu formed on 14 Jul will be weakened, lifting the commodity towards the next resistance at USD1,770. The RSI has crossed above the trendline, showing bullish momentum is building up. On the downside, the Bullish Engulfing reversal pattern suggests that strong support has formed at USD1,700. Until a “higher high” bullish pattern is seen, no change to negative bias.
