Since 09-Feb-2010 until today, our FBMKLCI has been on the uptrend for the past 13 days. It has progressed from that day’s intraday low of 1224 to today’s intraday high of 1292, total up by almost 68 points already.
Today our FBMKLCI opens at 1286.40 (+3.00) with intraday low at 1285.96(+2.56) and high at 1292.76 (+9.36) and finally closed 1288.07 (+4.67, 0.36%) with 323 up counters and 405 down counters. The market’s volume decreases by 20.2% to 839mil shares traded, below the 40 days volume moving average (1.02bil).
Today’s top 5 leading components are CIMB, MAYBANK, KLK, GENTING, and HLBANK, while the top 5 lagging components are AXIATA, MMCCORP, PLUS, PETDAG, and ASTRO. Many second and third liners are still in red correction stage.
FBMKLCI Indicators
KLCI candlestick still stays above the BBMB on the uptrend band and today the Bollinger band is expanding at 11%. FBMKLCI is bullish biased;
RSI increases to close 63.03, this indicates that the market is bullish biased and is at improving stage. It would better upon above 70 level;
STC decreases slightly with %K closed at 88.85 and the %D stays at 90.71. The short term STC is bullish biased;The MACD line finally crossed above ZERO level. This indicates FBMKLCI is confirmed bullish biased;
Unfortunately, the MACD breaks up above zero level does not supported by the market volume which closed below 40 days volume moving average (1.02bil), implies that the overall market participation is insufficient to sustain the market higher;
All the indicators above indicate FBMKLCI is bullish biased except the market volume participation is insufficient to sustain the market higher. Technically, FBMKLCI has closed at 1288 which is at FIBO level 76.4%. It would better to have KLCI above 1288 with volume above VMA to sustain the uptrend. Overall, the market is still bullish biased.
The next nearest possible resistance levels are 1288, 1292, 1298, and 1300. The nearest possible supportive levels are 1284 (small gap), 1276, 1273, 1267, and 1266. Please refer to the picture of FBMKLCI daily chart for your reference.
Counters to consider and monitor
KONSORT
1. Posted yesterday on the parking lot. Volume increased above 40 days VMA today and closed at 1.25, up 2.5%.
2. Bollinger band open 61% and MACD hook up, bullish
3. RSI stay at 61.9, on the bullish zone
4. STC %D=96.77 and %K =100, bullish
5. Weekly chart just broke out trend line today
6. Immediate resistance level is 1.30
7. Immediate support level is 1.20
8. Price supported by 8% dividend and good earning result
Trading Plan: Start to collect at 1.25 or lower. Aggressive buy above 1.30. Cut loss at below BBMB and 1.15
AFFIN
1. Finally broke out 2.67 and stay above it after a few try since 16th Nov 09 and closed at 2.75 with volume increase.
2. Bollinger band open 51% and MACD hook up - bullish
3. RSI at 51, just enter bullish zone
4. STC %D=95 and %K=100, bullish biased
5. Weekly chart for mid term is uptrend
6. Immediate resistance level is 2.75
7. Immediate support level is 1.66
8. Price supported by 8.6 cents dividend and rumours of M&A
Trading Plan: Continue to collect or buy above 2.75 with volume support, cut loss below BBMB and 1.60
COASTAL
1. After big up on last Tue, it consolidated for 3 days. The price seems to move again today after T+4 and close at 2.40. However I believe it will go sideway for another few days, T+7 to T+8.
2. Bollinger band expanded 9% - bullish
3. RSI at 80, bullish biased
4. STC %D=94.4 and %K=100, bullish biased
5. Weekly chart for mid term is uptrend
6. Immediate resistance level is 2.40
7. Immediate support is 2.28 and BBMB 2.20
8. Price supported by good earning and analyst target price at 3.60
Trading Plan: Collect slowly below 2.40, cut loss iF the price drift below BBMB 2.15.
