Bursa Malaysia ended the Tuesday morning trading session on mild positive note, the FBM KLCI up 1.77 points to 1,497.80, from Monday’s closing of 1,496.03.
The main index was edging higher due to the buying momentum on selected heavyweights. Also to watch for the release of GDP figure on Friday.
On the broader market, gainers and losers were equal at 340, while 420 counters were unchanged.
Trading volume registered at 1.51 billion units with value of RM604.31 million.
Top gainers were: Petronas Gas, Hong Leong Bank, Heineken Malaysia, Hong Leong Financial Group and IDEAL.
Top losers: Nestle, Petronas Dagangan, MPI, and QL.
WTI Crude : Establishing An Interim Support – Still Below The 200-Day SMA Line
RHB Research has maintained short positions on this futures.
After pausing the selling pressure last Friday, the WTI Crude rebounded from the latest support level to close USD1.75 higher at USD90.76 yesterday, ie the same level as Friday’s high. The commodity opened at USD88.46 but fell towards the USD87.22 session low before buying interest emerged. It then rebounded strongly until the end of the session, which saw the WTI Crude hit the USD90.89 high before the close. The bullish candlestick with lower shadow signals that the strong buying interest above the USD87.01 immediate support may persist in the coming sessions towards hitting the USD93.50 immediate resistance. However, the medium-term outlook still suggests a strong bearish bias, as the commodity continues to trade below the 200-day average line – this is coupled with the “lower high” and “lower low” bearish structure. Hence, the immediate buying momentum is expected to be shortlived before continuing to trend lower. As such, the research house is keeping to its bearish bias for now.
COMEX Gold: Eyeing To Cross Above The 50-day SMA Line
“Long” positions being maintained by RHB Research on this precious metal futures.
The COMEX Gold jumped higher on Monday as strong demand emerged. The commodity began the session at USD1,790.30. After touching the USD1,786.90 session low, it progressed higher to test the USD1,806.40 session high before the close. The latest session saw the COMEX Gold chart a “higher low” bullish pattern, indicating that the bulls have the technical advantage. If the bullish momentum sustains, the commodity should surpass the USD1,812 immediate resistance and extend its upside movement towards USD1,825. Breaching the 50-day SMA line will strengthen the bullish setup and attract strong buying interest. Meanwhile, the USD1,770 level is providing an immediate support right now. Premised on the renewed momentum, it is expected another leg on the upside and retained positive bias.
