FBMKLCI continues to rebound today and opened negative at 1313.98 (-1.16). However it resumed uptrend in 30 mins and went as high as 1320.83 (+5.69) before closing at 1319.21 (+4.01, +0.31%).
There are 472 up counters and 308 down counters with the market total traded volume slightly decreased by -9% to 1.13 BIL shares. The market volume maintains above 40 days VMA and this indicates that the investors had gain confident on the market. We believe rotation pushing up will continue while keeping the CI components moderate gain. However the Glove sector is under profit taking today after it had been moving up for a few days.
Today’s FBMKLCI top 5 gainers components are RHBCAP, MAYBANK, AXIATA, YYLPWR and KLK. The top 5 lagging components are BAT, BJTOTO, DIGI, MMCCORP and YTL.
FBMKLCI Technical Indicators
The candlestick still stay above the mid-band with the Bollinger band expand by 16% today, this indicates FBMKLCI had resume the uptrend and it is bullish biased.
RSI further decreased to 46.98 however this indicator is lagging and cannot view KLCI as bearish.
STC %K increased further to 94.34 and the %D had increased to 70.88. This indicates FBMKLCI is bullish biased.
The MACD line continued to hook up today and the histogram had formed a rounding bottom. This indicates FBMKLCI is bullish biased and the rebound will continue.
Summary
The overall market’s volumes maintain above 40 days VMA and suggest that more investors had returned to the market. With the up counters more than the down counters, our market is bullish biased. All the indicators above indicate FMBKLCI
is bullish biased. The nearest possible resistance levels are 1320, 1334 and 1353. The nearest possible support levels are 1308, 1300 and 1292.
Right now the chart of FBMKLCI had formed an ascending wedge with the upper trend line L1 and the lower trend line L2. L1 is the dynamic resistance level and the L2 is dynamic support level. If the CI breaks below the L2, this means it will be bearish in short term. On the other hand, if it breaks out the L1, it will become a higher high and outlook for FBMKLCI is bullish for mid-term.
