Bursa Malaysia extended its rally on Thursday morning session, the FBM KLCI rose 9.03 points to 1,501.36 from 1,492.33 at Wednesday’s closing.
The Market breadth was bullish with gainers outpaced decliners 517 to 234, while 350 counters were unchanged.
Turnover volume registered at 1.46 billion units with value of RM934.13 million.
The local bourse is performing following the positive cue of Wall Street, which rallied after US inflation data came in below the consensus figure, with the main KLCI breaching 1,500 point-level.
WTI Crude : Re-Attempting To Rebound; Still Below The 200-Day SMA Line
RHB Research has maintained “short” positions on this futures.
The WTI Crude bounced off strongly from its intraday low yesterday as it managed to close on a positive tone. It settled USD1.43 higher at USD91.93 – near the USD93.50 immediate resistance. The commodity opened at USD90.51 and then fell towards the USD87.66 day low before bouncing off strongly to end the session on a positive note as it touched the USD92.43 intraday high near the close. The small body candlestick with lower shadow within the sideways consolidation phase between the USD93.50 and USD87.01 levels suggests the buying interest improved during the latest consolidation process. Though the WTI Crude has the chance to breach the USD93.50 level in the immediate session, the bulls may be shortlived – capped by the 200-day SMA line near the USD94.91 point. Hence, the downward momentum beneath the 200-day average line is expected to remain intact in the medium term. Unless the trailing-stop level is broken, no change to bearish bias.
COMEX Gold: Selling Pressure Emerges At The Immediate Resistance
Maintain long positions.
Despite attempting to climb higher yesterday, the COMEX Gold failed to cross above the immediate resistance. It began the session at USD1,811.50 and, at one point during the US session, it surged towards the USD1,824.60 session high. However, the momentum faltered not long later, which saw the COMEX Gold give up the bulk of intraday gains and close at USD1,813.70 – printing a candlestick with long upper shadow. The latest price action showed USD1,825 acting as the strong resistance now. The yellow metal will likely move sideways to consolidate before staging a fresh attempt to test the immediate resistance. On the downside, USD1,787 will provide immediate support. Breaching below this support and forming a “lower low” will signal weakness on the bullish structure. For now, since the COMEX Gold is trading above the support – hence, it is deemed the bullish setup as still valid. The research house is holding on to a positive bias until stop-loss mark is triggered.
