Bursa Malaysia ended Friday’s morning trading session in positive note, the FBM KLCI rose 0.34% or climbed 5.13 points to 1,500.62. The overnight Wall Street performance and the stimulus package announced by China may drive the investors into risk-on mode.
Despite the performance of main index, the broader market exhibited negative breadth with losers outweighed gainers 425 to 323, while 392 counters were unchanged.
Trading volume stood at 1.35 billion units with value of RM938.38 million.
Some of the top gainers for the morning session were, MPI, KL Kepong, Nestle Malaysia, Heineken Malaysia, F&N, United Plantation, Chin Hin, Sime Darby Plantation, Orient Holdings, MBM Resources.
Whilst some of the top losers were, PETRONAS Dagangan, Petron Malaysia, Hengyuan, Press Metal, Hong Leong Financial Group, Khind, Bonia.
WTI Crude : Upside Movement Blocked By The 200-Day SMA Line
RHB Research maintains “long” positions.
The WTI Crude experienced strong profit-taking yesterday as it retraced USD2.37 to close at USD92.52 – below the 200-day SMA line. The commodity initially started off with positive sentiment, gapping up to open at USD95.35. However, after touching the USD95.76 day high, the momentum reversed towards the USD92.29 day low before the close. The price action shows the long-term moving average line acting as strong resistance. The WTI Crude has to climb above the moving average line before it can test the USD96.57 resistance. Should the selling pressure continue, the USD89 level might lend a support. As long as the commodity stays above this threshold, it is deemed the recent bullish setup as valid. The research house will keep to a positive bias until the immediate support gives way.
COMEX Gold: Eyeing To Cross The Immediate Resistance
Meanwhile for this precious metal futures, RHB Research is maintaining “short” positions.
The COMEX Gold extended the technical rebound yesterday, rising USD9.90 to close higher at USD1,771.40. The commodity began the session at USD1,764.40. It progressed higher throughout the session and reached the USD1,778.80 day high. Profit-taking during the US session sent it lower towards the close. Since forming an interim base near USD1,740, the COMEX Gold has been rebounding in a positive momentum. If it breaches the USD1,786.30 resistance, this signifies that a false bearish breakout happened on 19 Aug. Consequently, this should attract strong buying pressure to lift it higher towards USD1,800. Conversely, USD1,770 has turned from resistance to support. If the commodity slips below this level again, the bears will have a technical advantage vs the bulls. The research house retains its bearish bias until it breaks past the stop-loss threshold.
