The market’s volume was increased by 4.1%, traded with 973 MIL shares. The volume is now slightly above 40 days VMA. This means that the markets’ volume is sufficient to support the selling pressure. There are 252 up counters and 456 down counters. The candlestick of KLCI formed a bullish abandoned baby and fell below BB20 lower band during the closing today. There will be a possible technical rebound when the market re-opens on next Tuesday.
FBMKLCI Indicators
Bollinger band expanded another 20% from yesterday with the candlestick stay below BBMB, indicates KLCI30 is very bearish.
RSI fell below 30, closed at 27.68.3, indicates KLCI30 is still quite bearish.
STC %K and %D dipped below 10, indicates KLCI30 short term is oversold. There will be a technical rebound soon.
The MACD line hooked down further and the histogram still not form a rounding bottom. This indicates KLCI 30 still bearish biased. If the histogram started to form a rounding bottom, KLCI30 will has a chance to rebound.
All the indicators above are bearish biased for FBMKLCI. Please refer to the picture of FBMKLCI daily chart for your reference.
The mid-term view of KLCI’s bullish trend still intact unless the support level 1250 is broken. However we notice the MACD and RSI indicators both started to hook down. But these indicators normally run faster that the chart, we still believe the critical points 1250 is the important pivot point to determine the direction of KLCI's mid-term trend. Please refer to the picture of FBMKLCI weekly chart for your reference.
