Futures still showing positive bias

LAST close (Feb 21): 96.87 points, up 0.02 from a week ago. Week’s high: 96.93 points: Week’s low: 96.87 points. 

The Malaysia Derivatives Exchange (Mdex) interest-rate futures prices finished the week higher boosted by light short covering and buying interests. 

The June 2003 futures prices closed the week higher at 96.87 points, up 0.02 point from a week ago. Trades for the week fluctuated from 96.93 to 96.87 points.  

Total trading volume for the week increased to 2,476 contracts from 805 contracts a week ago. Open-interests as at Thursday’s close dipped marginally to 23,543 contracts from 23,676 contracts previously.  

Chart-wise, the March 2003 interest-rate futures prices closed the week positive and are expected to stay bullish this week. Chart support for this week is adjusted higher to the 96.84-96.85 levels. Chart-resistance for this week is seen at the 96.88-96.90 levels.  

The 12-week exponentially smoothed moving-average price line (ESA) edged higher and closed the week at 96.84 points. Closing price above the ESA-line for the last six weeks shows that the market is in a bullish cycle.  

Weekly stochastics: The weekly stochastics ended the week bullish and signalled that the market is in a bullish extended move. The weekly oscillators per cent K and D settled higher at 81.81% and 78.09% respectively.  

Weekly moving-average convergence/divergence (MACD): The weekly MACD closed the week bullish and indicated that the market’s main trend is bullish. The weekly MACD and trigger-line closed the week higher at 0.019 and 0.014 point respectively.  

Weekly relative strength index (RSI): The weekly RSI advanced and closed higher in the positive territory at 63.52 points. Analysis of the weekly RSI shows that the market’s immediate underlying strength is constructive.  

Weekly momentum index: The weekly MI closed above the 100-point mark and settled slightly higher at 100.09 points. Analysis of the weekly MI shows that the interest-rate futures prices are still in a positive phase. 

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