Bursa Malaysia ended Monday’s morning trading session lower, FBM KLCI dropped 11.5 points to 1,492.94. The main index fell in tandem with the performance of Wall Street last Friday and also regional bourses.
On the broader market, losers surpassed gainers 547 to 207, while 356 counters were unchanged.
Meanwhile trading volume registered at 1.05 billion units with value of RM713.29 million.
Some of the top gainers in the morning session: Panasonic Malaysia, Kluang, DKSH, MISC, Allianz, BAT, Gas Malaysia, Petron Malaysia, Chin Hin.
Whilst top losers were MPI, Nestle, KLK, Carlsberg, PPB, Petronas Dagangan, Hong Leong Financial Group.
WTI Crude : Eyeing To Extend The Technical Rebound
RHB Research maintains “short” positions on this futures.
The WTI Crude bullish momentum is heating up, adding USD0.27 last Friday to close higher at USD90.77. The commodity started off the session at USD90.39. The bears initially pounded it to the USD88.38 day low. However, the negative momentum proved shortlived, and the black gold rebounded to touch the USD92.09 day high before closing in positive territory. We have observed the USD92 level turning from being a support to becoming a strong resistance. The WTI Crude has to break past the immediate resistance to form a “higher high” bullish candlestick. Besides, the RSI has to trend above the 50% threshold to confirm a strong positive momentum. At this stage, it is premature to conclude a trend change as long as the “higher high” is out of sight while the trailing-stop mark stays intact. Before a strong upside momentum emerges, we keep to our bearish bias.
COMEX Gold: Drifting To a 1-Month Low
While for COMEX Gold, RHB Research has maintained “short” positions.
The COMEX Gold skidded lower last Friday for a fifth consecutive session, declining USD8.30 to close weaker at USD1,762.90. Amidst negative sentiment, the commodity started off the session at USD1,773.10. After touching the USD1,773.30 session high, the momentum reversed and breached the USD1,770 support to travel towards the USD1,759.10 session low before the close. We have observed that, in a bearish environment, support tends to be weak and the resistance will endure. If the negative momentum continues, the COMEX Gold should re-trace to test the USD1,750 support. Conversely, if it climbs above the USD1,786.30 resistance, this will deem the recent bearish breakouts at USD1,770 as false ones. As long as the immediate resistance holds on, a bearish set-up remains intact – hence, we keep to a negative bias.
