Bursa Malaysia ended the Thursday’s morning trading session in positive, FBM KLCI climbed 8.14 points to 1,498.71 from Wednesday’s closing of 1,490.57. The main index was buoyed by plantation and healthcare counters.
On the broader market, gainers outpaced losers 476 to 252, while 383 counters were unchanged.
Trading volume registered at 1.53 billion units with value of RM833.95 million.
Some of the performers on the exchange were MPI, F&N, Petronas Gas, Nestle, and Vitrox.
WTI Crude : Selling Momentum Accelerates
RHB Research is Maintaining “short” positions on WTI Crude.
The WTI Crude resumed its downwards movement beneath the 200-day average line yesterday – falling USD3.76 before settling at USD90.66 and breaching below the USD93.67 previous support. The black gold opened weaker at USD93.83 and attempted to climb higher as it touched the USD96.57 intraday high before reversing momentum. It then fell sharply for the rest of the session, hitting the USD90.38 low near the close. The strong selling momentum that emerged yesterday has ignited the downwards pressure beneath the long-term average line. Therefore, it is expected the WTI Crude to continue falling below the USD90.56 immediate support before reaching the USD80 mark. With intense selling pressure ahead, we stick to our bearish bias.
COMEX Gold: Consolidating Below The USD1,800 Resistance
Whilst for COMEX Gold, RHB Research is maintaining “long” positions.
The COMEX Gold moved lower yesterday for consolidation, dipping USD13.30 from the previous session to close at USD1,776.40. It gapped down to open yesterday’s session at USD1,777.30. At one point during the US session, it jumped to test the session’s high of USD1,789.40, and then retraced to the session’s low of USD1,770 before the close. The latest price action saw the commodity’s upside movement capped by the USD1,800 resistance. It should consolidate further below this resistance level. If selling pressure increases, it may fall to the USD1,750 support. At this stage, strong support should emerge at USD1,750. On the upside, a breach of the USD1,800 psychological resistance level would indicate that the COMEX Gold is resuming its upward trajectory. The research house is sticking to its positive bias until the stop-loss is breached.