Technical Commentary 24/02/10

Despite DJI plunged about 100 points, FBMKLCI did not follow, instead it was “green” all the time and closed positive at 1270.78 (+4.35, +0.34%). The immediate support level for FBMKLCI now is 1266 (FIBO) and the next support level is BBMB/FIBO at about 1256.5. The resistance levels are 1272, 1276 and 1288. The market’s volume was decreased by 2.2% and traded with 650 MIL shares today; it is still below 40 days volume moving average. There are 303 up counters and 350 down counters.

FBMKLCI Indicators
The Bollinger band had open 12% today with the candlestick stay above the BBMB, FBMKLCI is bullish biased

RSI was above 50 at 57.17; indicates FBMKLCI had entered into the bullish zone.

STC %K closed at 94.85 and the %D stays at 92.03. This indicates FBMKLCI is bullish biased.

The MACD line had crossed the trigger line and continues to approach the ZERO level. This indicates FBMKLCI is bullish biased but uptrend has not confirm until it passes the ZERO level.

All the indicators above indicate FBMKLCI is bullish biased but uptrend has not confirmed unless it breaks out 1272 or higher and stays above this level. Please refer to the picture of FBMKLCI daily chart for your reference.









Stock to consider with cut loss policy

Paramon – Possible uptrend however low liquidity

LHH – Still need volume support

LTKM – Possible uptrend will continue

MPHB - Continue to monitor

Parkson - Uptrend will continue....

Liihen - Mid term uptrend