There are 461 up counters and 303 down counters with the market total traded volume increased by 9.5% to 1.24 BIL shares. The market volume maintains above the 40 days VMA and this indicates that the investors had gain confident on the market.
Today’s FBMKLCI top 5 gainers components are TM, SIME, CIMB, TANJONG and AMMB. The top 5 lagging components are MAYBANK, GENM, BAT, PLUS and TANJUNG. The CI consider as sideway however the 2nd and 3rd liners are moving up today. We can notice those fundamental good counters like MPHB finally moved up today after it had been sideway for long time. We believe rotation pushing up will resume while keeping the CI components rotation play. We also notice O&G sector like Kencana, Sapcres, Dialog and etc had started to move. However the steel sector and the plantation sector still silence but I believe their turn will come soon.
FBMKLCI Technical Indicators
The candlestick still stay above the mid-band with the Bollinger band getting narrower by -23%, this indicates FBMKLCI still not get out from the consolidation stage.
RSI had improved to 62.21. This indicates FBMKLCI is bullish biased.
STC %K increased further to 68.30 and the %D had increased to 35.24. This indicates FBMKLCI is bullish biased and had a chance to rebound further.
The MACD line continued to hook up today and the histogram had formed a rounding bottom. This indicates FBMKLCI is bullish biased and the rebound will continue.
Summary
The overall market’s volumes maintain above 40 days VMA and suggest that more investors had returned to the market. With the up counters more than the down counters, our market is bullish biased. 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.
