There are 403 up counters and 322 down counters with the market total traded volume increased by 27% to 1.05 BIL shares. We like to see the market’s volumes resume above 1 Billion shares so that it can absorb any selling pressure. However we also notice profit taking is happening on the lower liners today.
Today’s FBMKLCI top 5 gainers components are CIMB, BAT, KLK, PBBANK and HLBANK. The top 4 lagging components are BJTOTO, GENM, GENTING and DIGI.
FBMKLCI Technical Indicators
The candlestick still stays above the mid-band with the Bollinger band expanded another 8%, this indicates FBMKLCI is still bullish biased and uptrend is intact.
RSI increased to 84.89; this indicates FBMKLCI is quite bullish now. Uptrend will continue.
STC %K increased to 99.03 and the %D increased to 95.28. This indicates FBMKLCI is quite bullish, uptrend will continue. However it also indicates it is near overbought now and there might be a correction soon.
The MACD continues to hook up and crosses the trigger line. This indicates FBMKLCI is bullish biased. Uptrend still intact.
Summary
FBMKLCI continues its uptrend today however it is facing the L1 dynamic resistance at 1342 today. If it is able to break out the L1, there will be more upside for the composite index. We saw the market volumes resume above 1 billion shares today; this is definitely good news to maintain the market uptrend direction. The nearest possible resistance levels for FBMKLCI are 1342.5 (L1 trend line), 1353 and 1436. The nearest possible support levels are 1334, 1320, and 1308. The mid-term view of FBMKLCI also bullish biased and the market is uptrend now. Please refer to the chart below for better understanding.
