Market to defend longer-term prospect ..LE: 413 ..PG: 04 ..PU: BT ..TX: THE July contract on Bursa Malaysia Derivatives Bhd ended 5.50 points lower to 846.50 last Friday. The average volume transacted was also lower at 2,829 contracts, with open interest.

(From Business Times (Malaysia))

THE July contract on Bursa Malaysia Derivatives Bhd ended 5.50 points lower to 846.50 last Friday. The average volume transacted was also lower at 2,829 contracts, with open interest at 10,246 contracts. By not shifting the lower base line of the rising channel, one could clearly see the conviction of this level to support retreating bulls. The tall white candlestick for last Friday has single-handedly shadowed the four-day falls, which preceded it. The unfolding of the reversal pattern has switched most of its shorter-term indicators back to its positive trait as momentum staged a turnaround, quashing its short-term concern. The …