There are 405 up counters and 268 down counters; this indicates that the market is slightly bullish biased today. The market total traded volume was increase slightly by 9.3% to 741.8 mil shares however it is still below the 40 days VMA. This also indicates more investors are back to the trading floor.
Today’s FBMKLCI top 5 gainers components are AMMB, PETDAG, BJTOTO, GENTING and GENM, while the top 5 lagging components are MAYBANK, MAXIS, YTL, SIME, and NESTLE.
FBMKLCI Technical Indicators
KLCI candlestick still below the mid-band. The Bollinger band further contracts by -6%, this indicates FBMKLCI is under consolidation stage in short-term. We will view it as bullish biased only if it breaks out the BBMB with higher volume >40 days VMA.
RSI had dipped below 70 and goes sideway to closed at 65.48. This is a good sign as it stop going down today.
STC %K hook up and increases to 35.54. The %D further decreases to 39.74. This indicates FBMKLCI is rebounding today but it is not a strong rebound. We rather view it as sideway.
MACD maintains above zero level but still hooks down to cross the trigger line soon. The histogram still remains rounding top. This may suggest further correction or consolidation until a rounding bottom is form.
Summary
The market was rebounded technically today however the rebound was not supported by volume. Hence the index was pulling back from the high of 1307.08 due the profit taking. FBMKLCL still consider as short-term correction and consolidation. The nearest possible resistance levels are 1308 (at BBMB) and 1334. The nearest possible support levels are 1300, 1290 and 1280. Please refer to the chart below for more information.
