Today KLCI closed at 1272.73 (+8.79 +0.7%) with 396 up counters and 215 down counters. The Bollinger band open 5% with KLCI stays above middle band of 1265 as mentioned last week. RSI stands at 50, STC %K touches 100, MOM above zero. The MACD histogram formed round bottom and almost crossed over the triggering line. The traded volume increased by 19% to 459.031mil but still below the average traded volume of about 843mil. The market participation does improved by still needed another fold for more supportive up trending.
The near term resistances are 1280 then 1288 while the nearest support level is Bollinger middle band (1265 today). Most indicators are positively biased to support the uptrend thus far.
Watched List:
Petra up additional +0.07 (+4.9%) to 1.48. Uptrend still intact;
Etitech still consolidating within the wedging triangle. The nearest resistance is 0.445/0.480. We are monitoring the bullish divergence with potential break up of wedge triangle (around 0.480);
IJMLAND-WA gradually increase toward 1.40 level with steady traded volume. uptrend still intact;
Both Supermx and Adventa hike significantly today, up 0.30 and 0.17 respectively. Uptrend still intact;
New Stock to Watch:
E&O(3417): This counter closed at 1.01 but still supported by the bullish divergence, MA200 and Bollinger middle band of 0.995. Decreased in traded volume may lead to short term consolidation toward the triangle tip. Since we are observing the bullish divergence, we shall monitor for the possible breakout of the triangle. The near term resistances are 1.03/1.09/1.16. Should unexpected southbound happen, plan the short term cut loss below 0.985 (support trend line) . See attached chart.
