FBMKLCI right now temporary stay above the BBMB however if the trading volume for next week is still as low as today, the chances for it to go higher is slim. The immediate support level is 1250 and the BBMB 1252. The resistance level is 1255 and the next critical resistance level is 1268. The market’s volume was decreased by 13% and traded with 560.6 MIL shares today. The market volume still below 40 days VMA and it is insufficient to maintain a market to go up trend. If the volume can increase further next week, very likely it will close the gap and the market will turn bullish. There are 479 up counters and 144 down counters.
FBMKLCI Indicators
The Bollinger band contracted 5% with the candlestick stay above the BBMB, indicates FBMKLCI about to get out from the downtrending with continuous technical rebound today. The contraction of the BB also means that the FBMKLCI will consolidate and has a chance to rebound further.
RSI hooked down and still flat below the threshold 30, indicates FBMKLCI is still bearish but not going to get worse.
STC %K hooked up and broke above 50 at 66.2, indicates FBMKLCI was continue to rebound. If the %K can rise further to above 70, that means FBMKLCI will turn bullish biased. The %D stay above 30 at 39.17, this indicates the FBMKLCI is trending up with slightly bullish biased.
The MACD line still below ZERO but it had hooked up and going to cross the trigger line soon. The histogram had formed a rounding bottom; this indicates FBMKLCI has a chance to rebound further.
All the indicators above indicate FBMKLCI still consolidate with slightly bullish biased. If it can stay firm above BBMB with trading volume increase, then very high chance that it will close the gap and break up 1268. Please refer to the picture of FBMKLCI daily chart for your reference.
For the mid term view, FBMKLCI is still bearish biased. However the candlestick had formed a hammer shape, indicates FBMKLCI was supported well and had a chance to rebound further. The resistance is 1270, this level also the BBMB and the support is 1224. Please refer the chart below.
There are many counters seem to run today, further analyse these volumes mostly contributed by the retailers as the transaction volumes are small. The retailers are betting the market will be better after the market re-open next week. If their prices continue to fly high next week and you miss the boat, do not chase them. They will come back and you may buy them on the next rebound. Supermx had broken out the trend line today; the only worry is the support volume. Please refer to the chart below.
Happy New Year to everyone
