Bursa Malaysia has moved lower in three straight sessions, slipping more than 15 points or 0.9% in that span. The Kuala Lumpur Composite Index now sits just beneath the 1,590-point plateau although it's tipped to open in the green on Friday.

RHB Investment Bank Bhd (RHB Research) maintains a short position on the FKLI as it extended its correction on Thursday, retreating 7.50 points to close at 1,587.50. The index opened at 1,596 and tested a high of 1,599.50 before pulling back to a low of 1,582.50, finishing below the 200-day SMA line.

The latest "lower low" closing indicates sustained bearish momentum, with the RSI also pointing downwards. This suggests further downside potential in the coming sessions, with the index likely to test the 1,580-point support level. A downside breakout could push it towards the lower support at 1,550 points.

Both the 200-day and 50-day SMA lines act as overhead resistances, further reinforcing the bearish outlook. RHB Research advises traders to maintain short positions initiated at the 4 October close of 1,627.50. The initial stop-loss is set at 1,639 points. Immediate support levels are identified at 1,580 and 1,550 points, while resistance levels are pegged at 1,620 and 1,639 points.

Meanwhile, the FCPO also faced strong bearish momentum, closing below the RM4,800 support at RM4,772. The commodity began Thursday's session at RM4,812, retraced to a low of RM4,626, and managed to recover some losses before closing lower. The "lower low" closing reaffirms the ongoing correction, with the next support level likely at RM4,600.

While the "long lower shadow" suggests some rejection of the intraday low, immediate resistance at RM4,900 may limit any recovery attempts.

RHB Research has shifted to a negative trading bias after the trailing-stop at RM4,800 was triggered, closing out long positions initiated on 20 September at RM3,947. New short positions were initiated on 21 November at RM4,772. The initial stop-loss is set at RM4,900. Further support levels are marked at RM4,600 and RM4,500, while resistances are adjusted to RM4,900 and RM5,000.

Both FKLI and FCPO continue to display bearish trends, with further downside expected in the absence of a bullish reversal.