There are 483 up counters and 275 down counters. The RSI was flat at 70 level thresholds at 70.37, the STC hooked down but still above 70 on %K at 80.36 and %D at 82.3. The MACD is slightly trending down and formed a rounding top soon. The Bollinger band is narrower by -11% compare to yesterday. This shows that FBMKLCI is still consolidating with slightly bearish biased. If the MACD line crosses the trigger line, the KLCI short-term trend will be bearish.
KLCI nearest resistance level is at 1300. The support level is at 1288, the nearest broke out peak, and the next support level is at the Bollinger mid-band around 1285. Although KLCI 30 components are consolidating but the non-KLCI stocks are pushing up rotationally. Thus, the overall market is very bullish with daily trading volume more than 1.6 billions today.
New Stocks to Watch
YTLE today broke out of the symmetrical triangle with significant increase on volume by 391% and exceeded 40 days VMA. The MACD was forming a rounding top yesterday but due to the stock price rise 4.3%, it seem to cancel out the rounding top and hooked up again. The BB reduced to - 5% compare with yesterday, this signal the stock price is getting out of the correction soon. The RSI U-turns and closed at 81.58, STC %K at 84 and %D at 73.33. The momentum at is above zero level. The above indicators indicate the stock is bullish biased. The immediate resistance levels is 0.84 to 0.90 and the support level is at Fibo 0.80, which also the BB mid-band. The cut loss point is triggered when the stock price closed 0.80 or –5% to –8%.
Frontkn broke out of the trend line few days ago but the price was resisted by 0.25 with very low trading volume. Today volume increase and the price broke 0.25 and closed at 0.27. The price also broke the 200 days SMA which is a long-term resistance level. The Bollinger band further expands by 16% compares with yesterday. The RSI is above the threshold 70 and closed at 88.24. The STC %K at 85.7 and %D at 86. The above indicators are bullish biased. The next resistance level is 0.285, 0.305 and 0.33. The support level is 0.25 and 0.24.
Nylex broke out of the symmetrical triangle yesterday but with lower volume.
Today volume increase significantly and the price broke 0.76 but resisted by 0.845 and closed at 0.805, price increased by 6.6%
The Bollinger band further expands by 61% compares with yesterday. The RSI is above the threshold 70 and closed at 75. The STC %K at 69.23 and %D at 66.04. The above indicators for Nylex are bullish biased. The next resistance level is 0.845 and 0.945. The support level is 0.76 and 0.73.
