There are 279 up counters and 486 down counters with the market total traded volume slightly decreased by –8.1% to 1.05 BIL shares. The decrease in volume could be due to the market delayed by ½ and hour. However the market’s volume still maintains above 40 days VMA. This indicates that the investors still have confident on the market.
Today’s FBMKLCI top 5 gainers components are BJTOTO, MMCCORP, ASTRO, TANJONG and KLK. The top 5 lagging components are MAXIS, MAYBANK, YTLPOWR, PLUS and IOICORP.
FBMKLCI Technical Indicators
The candlestick still stays above the mid-band with the Bollinger band expanded by another 11% today, this indicates FBMKLCI is bullish biased.
RSI hooked up to 50.92, this indicates FBMKLCI had enter into the bullish zone.
STC %K had decreased to 85.83 and the %D had increased to 86.26. This indicates FBMKLCI still bullish biased but seem to go sideway.
The MACD line goes sideway and will touch the trigger line soon. The histogram had formed a rounding bottom but still not able to cross above the zero level. This indicates FBMKLCI is sideway with bullish biased.
Summary
FBMKLCI had tested 1320 resistance level yesterday and today but it still fails to stay above 1320. This means 1320 will provides a strong resistance to FBMKLCI.
The overall market’s volumes still maintain above 40 days VMA and suggest that the market participant is sufficient to absorb any selling pressure. With the up counters less than the down counters, this indicates profit taking was started on lower liners for T+4 and T+3. All the indicators above indicate FMBKLCI still bullish biased but the uptrend is not strong. The market will keep the KLCI flat and rotationally pushing up the lower liners. On the other hand, rotationally profit taking started on lower liners while keeping the CI flat. The nearest possible resistance levels for FBMKLCI are 1320, 1334 and 1353. The nearest possible support levels are 1308, 1300 and 1292. Please refer to the chart below for better understanding.
