The immediate support level is 1247 and 1234. Whereas the immediate resistance is remains 1250 and the BBMB 1252. The market’s volume was increased by 5% and traded with 646 MIL shares today. The market volume still below 40 days VMA and it is insufficient to maintain a market to be up trend. If the volume can increase further tomorrow, very likely it will break out BBMB and the market will turn bullish. There are 276 up counters and 313 down counters.
FBMKLCI Indicators
The Bollinger band contracted another 18% with the candlestick still stay below BBMB, indicates FBMKLCI downtrend had further softened with technical rebound. The contraction of the BB also means that the FBMKLCI will consolidate and has a chance to rebound further.
RSI hooked down and still below the threshold 30, indicates FBMKLCI is still bearish.
STC %K hooked up and broke above 30 at 57.14, indicates FBMKLCI was having a technical rebound. If the %K can rise further to 70, that means that the FBMKLCI will turn bullish biased. The %D stay above 30 at 33.1, this indicates the FBMKLCI is trending up with slightly bullish biased.
The MACD line dipped below ZERO and the histogram had formed a rounding bottom. This indicates FBMKLCI has a chance to rebound further if the MACD line (green) crosses above the MACD trigger line (doted purple line).
All the indicators above indicate FBMKLCI will consolidate with slightly bullish biased. If the index can breaks above 1250 and stay above the mid-band, there is a chance for FBMKLCI to turn bullish. Please refer to the picture of FBMKLCI daily chart for your reference.
Stock to consider - NONE
