FBMKLCI opened with gap up today at 1295.82 (+2.17). It then surged as high as 1300.5 (+6.85) within 5 mins and continued to trade sideway around 1300 level before pushed higher near the closing at about 4:40pm. FBMKLCI finally closed at 1304.85 (+11.2, +0.87%). It was resisted by BBMB at about 1305 level right now.
There are 447 up counters and 253 down counters with the market total traded volume increased by 34.5% to 907.7 mil shares. The market volume is above the 40 days VMA now and it indicates the more buyers had return to the market.
Today’s FBMKLCI top 5 gainers components are TM, MAYBANK, CIMB, GENM and SIME. There are only 2 lagging components today, they are BAT and MAXIS. With only 2 lagging components, this indicates the market pushed up was healthy today.
FBMKLCI Technical Indicators
The candlestick still below the mid-band with the Bollinger band contracted by -9%, this indicates FBMKLCI stop going downtrend but it still consider as consolidate with technical rebound.
RSI still below 70 level but it hooks up a little at 57.45. This indicates FBMKLCI
had stopped falling and still consider as sideway.
STC %K hooked up at 30 and the %D further decreased to 16.58. This indicates FBMKLCI started to rebound however it has not turn bullish yet until it breaks out 30 and above stay the BBMB.
The MACD line stopped heading south and goes sideway today. The histogram has a chance to form a rounding bottom if the index continues to rise tomorrow. Once a rounding bottom is formed, FBMKLCI will resume uptrend direction.
Summary
The overall market’s volumes had broken out 40 days VMA and suggest that more investors return to the market. With the up counters more than the down counters, our market is bullish biased today. All the indicators above indicate FMBKLCI is under consolidation stage with technical rebound. The nearest possible resistance levels are BBMB (1305), 1308 and 1334. The nearest possible support levels are 1300, 1292, 1286 and 1280. Please refer to the chart below for more information.
