Last Friday’s US data shows that US unemployment has improved. Greece debt financial problems were calmed by Euro zone countries policy changes and comments. Perhaps, both continents’ sentiments ease the fears and lifted the world equity markets today. All Asia equity markets up as much as 2%.
Our FBMKLCI also open strongly with gap up at 1313.43 (+13.65) with intraday high at 1325.68(+25.90) and intraday low at 1313.43 (+13.65) and finally closed 1324.22 (+24.44, +1.88%) with 583 up counters and 194 down counters. The market volume has increased by 23.3% to attain 1.16bil shares traded. It is above 40 days volume moving average (1.0bil) now.
With the FBMKLCI breaks up and stays above 1308, our market is in very bullish position and may be prepare to go even higher toward our last height of 1524 during Jan-2008.
Today’s FBMKLCI top 5 leading components are PBBANK, CIMB, SIME, MAYBANK, GENTING, while there are only 3 lagging components are PETGAS, UMW, NESTLE. With the gainers more than losers, this means that the market is bullish biased.
FBMKLCI Indicators
KLCI candlestick jumps even higher within the uptrend band and the Bollinger band expanded greatly by 39%. This indicates FBMKLCI is in very bullish biased position;
RSI increases to close at 93.93, this indicates that the market is bullish biased and is further improved. Uptrend is confirmed;
STC %K stays closed at 97,74 and the %D increases to 90.3. This indicates FBMKLCI is bullish and uptrend is confirmed;
MACD maintains above zero level and today hooked up further. The histogram continues forming rounding bottom. This indicates more upside on FBMKLCI.
All the indicators above indicate FBMKLCI is bullish biased after a second big gap up today. The next nearest possible resistance levels are 1353, 1380, 1436, and 1524. The nearest possible support levels are 1308, 1300, 1286, and 1283 (BBMB).
For the mid-term view, FBMKLCI is bullish biased with Bollinger Band expanded up to 23%, RSI improves to 64.41, STC improves further with %K=98.55, %D=72.07 and MACD continue its histogram of rounding bottom.
The overall scenario of FBMKLCI is very bullish biased today. Should any profit taking were to take place in the coming days and were at supportive levels, that may be is a good opportunity for whom that missed the bull wagon this round.
Please refer to the pictures of FBMKLCI daily chart for your reference.
