Bursa Malaysia ended the Friday morning trading session in positive territory, the main index FBM KLCI climbed 4.39 points to 1,495.59 from Thursday’s closing, 1,491.2.
The KLCI was lifted by buying interested in selected heavyweights led by Tenaga Nasional Bhd, MPI, Unisem and Press Metal.
On the overall market, gainers led losers 493 to 324, while 373 counters were unchanged. Meanwhile, trading volume and value were 1.72 billion and RM886.65 million respectively.
WTI Crude : Still Struggling To Initiate a Rebound
Once again, RHB Research has retained its “short” positions on WTI Crude.
The WTI Crude reversed from its intraday-high to close in a negative tone yesterday as it fell USD0.84 before settling at USD96.42 – within the sideways consolidation phase between the USD99.99 resistance and 200-day average line. The commodity opened higher at USD98.17 and climbed to touch the USD99.84 high. However, selling pressure then emerged to reverse its trajectory – the WTI Crude fell towards hitting the USD96.04 low before the close. The black body candlestick with upper shadow that formed yesterday justifies the selling pressure below the USD99.99 resistance remaining intact. Hence, the downward bias is imminent for the commodity to fall below the 200-day average line after consolidating sideways in the later sessions. Unless the momentum reverses, no change to the research house’s bearish bias.
COMEX Gold: Breaching Above The USD1,750 Resistance
Meanwhile for COMEX Gold, RHB Research as initiated “long” positions on COMEX Gold as the trailing-stop mark triggered.
The COMEX Gold broke past the USD1,750 resistance yesterday amid strong momentum to close at USD1,769.20 – forming a “higher high” bullish pattern. The commodity started off the session with a gap-up, opening stronger at USD1,751.40. After this positive opening, it progressed higher throughout the session, touching the USD1,774.40 session high before the close. The latest bullish candlestick saw the COMEX Gold reclaiming the 20-day SMA line. It is observed the RSI trending higher, indicating the bullish momentum is now gaining traction. For now, the USD1,750 level will become the nearest support. Since the bullish momentum is now taking the lead, hence the research house has shifted to a positive bias.
