Today’s FBMKLCI top 5 gainers components are TENAGA, RHBCAP, NESTLE, YTL and AMMB. The top 5 lagging components are BJTOTO, MISC, IOICORP, GENTING and PLUS.
FBMKLCI Technical Indicators
The candlestick still stays above the mid-band with the Bollinger band contracted -5%, this indicates FBMKLCI uptrend is weakening and go sideway.
RSI hooked up again to 86.64; this indicates FBMKLCI still bullish. Uptrend still intact.
STC %K decreased to 95.18 and the %D increased to 96.29. This indicates FBMKLCI still bullish but it is weakened now and may go sideway or correction.
The MACD continues to hook up and crosses the trigger line. This indicates FBMKLCI still bullish biased. Uptrend still intact.
Summary
FBMKLCI continues its uptrend today however it is weakening now as the BB contracted -5% today. It manages to stand above the L1 trend line however the break out is not solid. If it can grow a few more points tomorrow then we are confident it will not break down the L1. We are bullish on the market now as the market volumes continue to trade above 1 billions shares today. However the index had continued uptrend for 11 sessions, we predict there will be a small correction or sideway soon. The nearest possible resistance levels for FBMKLCI are 1346.23, 1353 and 1436. The nearest possible support levels are 1343 (L1), 1334, 1320, and 1308. We would like to see the MACD to hook up some more above the previous peak, or else a bearish divergence will form and the market correction cannot be avoided. Please refer to the chart below for better understanding.
