Bursa Malaysia ended Tuesday’s morning session in the negative territory with the FBM KLCI 9.03 points to 1,478.34.
The performance of main index following the negative cue of the global stock markets. The overnight performance of Wall Street flashed red lights on the investors’ mood. Dow Jones dived 1.91% while Nasdaq nosedived 2.55%. Semiconductors stocks were under pressure.
Market breadth was negative with losers outweighed gainers 478 to 273, while 362 counters were unchanged.
Trading volume registered at 1.05 billion units with value of RM638.54 million.
Some of the top gainers of the morning session were, Hengyuan, Petron Malaysia, APM, Southern Acids, Master-Pack Group.
While some of the top losers were, Batu Kawan, MPI, KLK, Panasonic Malaysia, Carlsberg, Heineken Malaysia.
WTI Crude : Staging a Rebound From USD86
Maintain short positions.
The WTI Crude’s bulls staged a strong rebound from the USD86 level yesterday to close at USD90.23. The commodity began the session at USD89.65. Selling pressure was initially strong, which dragged it towards the USD86.60 session low. However, strong buying pressure emerged during the US session, which lifted the WTI Crude from the session low to close at USD90.23. The latest candlestick’s long lower shadow showed strong support, which formed at USD86.53. If the commodity sustains above this support, it may climb higher to test the USD92 resistance. Despite the WTI Crude charting a bullish candlestick during the recent sessions, it has yet to breach the resistance to form a meaningful “higher high” pattern. Hence, the bears still have a technical advantage over the bulls. We will hold on to our bearish bias until the bullish breakout happens.
COMEX Gold: Breaching The USD1,750 Major Support
Maintain short positions.
The COMEX Gold underwent negative momentum for a sixth consecutive session yesterday, retracing USD14.50 to close weaker at USD1,748.40 and recording a new low since 28 Jul. It started off at USD1,760.60. The selling pressure was strong and it breached the USD1,750 support. After bouncing off USD1,740.20, the COMEX Gold closed at USD1,748.40. The latest candlestick’s long lower shadow suggests support formed at USD1,740, and the commodity should consolidate near the immediate support. If the bearish momentum continues and breaches this support, the COMEX Gold will head towards USD1,700. The RSI is now trending lower, signalling that negative momentum is on acceleration mode. Hence, it is very unlikely that it will break past the USD1,770 immediate resistance. With the bears getting stronger, we retain our negative bias.
