There are 290 up counters and 361 down counters and it was improved from yesterday ratio. This also another hints that the selling is getting softer and there are more bargain hunters today. The market total traded volume was further reduced by 11.2% to 678.6 mil shares and it is below the 40 days VMA. This indicates that more investors sideline and not willing to take any position yet.
Today’s FBMKLCI top 5 gainers components are PPB, SIME, HLBANK, MMC and DIGI, while the top 5 lagging components are TM, MAXIS, CIMB, GENM, and BJTOTO.
FBMKLCI Technical Indicators
KLCI candlestick still below the mid-band and it form a doji star at the bottom of the red candle. There is a chance for technical rebound tomorrow. The Bollinger band further contracts by -7%, this indicates FBMKLCI will start consolidate and go sideway in short-term.
RSI had dipped below 70 and further reduced to 64.51. This indicates that FBMKLCI is getting bearish for short-term.
STC %K further decreases to 29.39 and the %D further decreases to 52.3. This indicates FBMKLCI is bearish biased for short-term.
MACD maintains above zero level but still hooks down and the histogram was forming a rounding top. This may suggest further correction or consolidation until a rounding bottom is form.
The overall market technically is under short-term correction and consolidation. The nearest possible resistance levels are 1300, 1308 and the BBMB. The nearest possible support levels are 1292 and 1280. After we encountered 2 long RED candles for 2 days and a doji star at the bottom of the long candle today, we expect a technical rebound will happen anytime from now. We might see 1292 provides a firm support and rebound from this level for short term. Please refer to the chart below for more information.
