13-Jan-10 (Wed):
FBMKLCI closed at 1289.51 (-3.34 points, -0.26%). The market volume was decreased by 10% to 1.5 Billion shares today. The market volume mainly still contributed by 2nd and 3rd liners, that’s imply the retail investors are actively involved in the market. The FBMKLCI 30 components still considered as consolidation with slightly bearish biased. However, the overall market is still not bearish yet. Today, gainers mainly come from Industrial Products (i.e. Auto, Steel and glove/rubber themes.) and Technology sectors.
There are 366 up counters and 436 down counters. The RSI increases 80, the STC %K hooked down touches 70 and %D at 80. The MACD stays flat with histogram line formed rounding top in 3rd day. The Bollinger band contracts by 6% indicates that the market still in consolidation stage. In fact, the KLCI tested the Bollinger middle band support at 1286, and re-bounced during the last 30 minutes before market closed.
KLCI nearest resistance level is at 1300. The support level is at 1286 (the Bollinger mid-band). Should KLCI were closed below 1286, the whole market analysis may have to review again.
Although KLCI 30 components are consolidating but the non-KLCI stocks are pushing up rotationally. Thus, the overall market is still bullish biased with daily trading volume above VMA. Next themes to watch out are Wimax group, plantation, construction, and property that had consolidated some days already.
Broke Up Counters:
Annjoo-WB, EPMB, Lsteel, ...
Prospective to break up counters:
Huaan, Kinstel, Ingress, ...
Watch List:
Frontkn could be doing a retest after broke up from 0.250 today. So the immediate support level is at 0.250 during this consolidation.
NYLEX broke out of Bollinger upper band during early session. It's pulled back toward the Bolliger upper band by closing on the dot at 0.820. It's still uptrend intact.
YTLE falls into consolidation stage with immediate support at 0.810, Bolliger middle band support.
