FBMKLCI opens strongly with gap up at 1295.67 (+11.56) with intraday high at 1300.74(+16.65) and intraday low at 1289.87 (+5.78) and finally closed 1299.79 (+15.89.01, +1.22%) with 547 up counters and 194 down counters. With the CI stay above 1292, we finally confirmed our market had turn uptrend and view as bullish. The market’s volume increases by 29.6% to 941mil shares traded, it is slightly below 40 days volume moving average now.
Today’s main contributors are Maybank (+5.56%) and Genting (+6.40). Top 5 leading KLCI components are MAYBANK, GENTING, BAT, RHBCAP, and PETDAG, while the top 5 lagging KLCI components are AMMB, BJTOTO, MISC, KLK, and MAXIS. With the gainers more than losers, this means that the market is bullish biased.
FBMKLCI Indicators
KLCI candlestick still stays above the BBMB on the uptrend band and the Bollinger band expanded by 16%. This indicates FBMKLCI uptrend momentum had started and turn bullish biased.
RSI increases to close at 92.97, this indicates that the market is bullish biased and is further improved. Uptrend is confirmed.
STC had hooked up with %K closed at 97,86 and the %D increase to 86.92. This indicates FBMKLCI is bullish and uptrend is confirmed.
MACD maintains above zero level and today hooked up again. The histogram had escaped from forming a rounding top. This indicates more upside on FBMKLCI.
All the indicators above indicate FBMKLCI is bullish biased after a big up today. The view was totally changed from yesterday; which possible turn down trend or sideway. The next nearest possible resistance levels are 1300 and 1308.5. The nearest possible support levels are 1292, 1284 and 1276.
For the mid-term view, FBMKLCI had turn bullish. Bollinger band open 10%, RSI at 57.69, STC %K=89.61, %D=54.71 and MACD hooked up with the histogram starting to form a round bottom. The nearest resistance level is 1308 and the support level is 1275.
Please refer to the pictures of FBMKLCI daily chart for your reference
Counters to consider and monitor for next Monday
Will post on Saturday, please re-visit us
