There are 517 up counters and 238 down counters with the market total traded volume slightly increased by 0.5% to 1.25 BIL shares. This shows that the 2nd and 3rd liners are very bullish by sectors, especially the glove sectors and GLC counters. The market volume maintains above the 40 days VMA and this indicates that the investors had gain confident on the market. We believe rotation pushing up will continue next while keeping the CI components rotation play. However we also need to take caution to protect your capital and enforce your stop loss plan if anything went wrong.
Today’s FBMKLCI top 5 gainers components are GENTING, SIME, GENM, BAT and PPB. The top 5 lagging components are TM, YTLPWR, PBBANK, PETGAS and AXIATA.
Today bullish sectors are Consumer, Construction, Property, Industrial and trading. Technology sector take a break today, with the Financial, Plantation and the ACE market go sideway.
FBMKLCI Technical Indicators
The candlestick still stay above the mid-band with the Bollinger band narrower by -15% today, this indicates FBMKLCI still not get out from the consolidation stage yet.
RSI had decreased to 57.44. This indicates FBMKLCI still under consolidation stage.
STC %K increased further to 100 and the %D had increased to 53.39. This indicates FBMKLCI is bullish biased and had a chance to rebound soon.
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.
Right now the chart of FBMKLCI had formed an ascending wedge with the upper trend line L1 and the lower trend line L2. L1 is the dynamic resistance level and the L2 is dynamic support level. If the CI breaks below the L2, the means it will be bearish in short term. On the other hand, if it breaks out the L1, it will be bullish and up-trend is confirm for short-term.
