Right now it had broken up BBMB and 1308 resistance’s level with sufficient market volume. If the momentum can continues tomorrow and the next few days, very high chance that KLCI will retest 1334 resistance’s level and it could register another new high in short term. There are 453 up counters and 255 down counters with the market total traded volume increased by 25% to 1.136 BIL shares. The market volume maintains above the 40 days VMA and this indicates that local and external funds have started to return to the market.
Today’s FBMKLCI top 5 gainers components are AMMB, PPB, CIMB, RHBCAP and BAT. The top 5 lagging components are GENTING, YTLPOWR, MISC, ASTRO and TANJUNG. Today many tech stocks are running especially Gtronics surge like rocket, up 27&. Other tech stocks like GUH, Unisem, AIC, ENG, DATAPRP, PENTA and LITYAN also registered a handsome gain. This is to show that the tech section continues to gain strength and out perform the CI components.
FBMKLCI Technical Indicators
The candlestick had stay above the mid-band with the Bollinger band getting less narrow by -3%, this indicates FBMKLCI stop going downtrend and will get out from the consolidation stage very soon.
RSI still below 70 level but it had hooked up a little at 60.13. This indicates FBMKLCI had stopped falling and started to resume up-trend direction soon.
STC %K hooked up above 30 at 40.92 and the %D had increased to 19.93. This indicates FBMKLCI had a chance to rebound further.
The MACD line started to hook up today and the histogram had formed a rounding today. This indicates the rebound will continue.
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 still not totally get out from the consolidation stage yet but there is a chance to rebound further and turn bullish. The nearest possible resistance levels are 1320, 1334 and 1353. The nearest possible support levels are 1308, 1300 and 1292. Please refer to the chart below for more information.
