Today’s FBMKLCI top 5 gainers components are TENAGA, RHBCAP, NESTLE, PETGAS and BJTOTO. The top 5 lagging components are TANJONG, AXIATA, HLBANK, GENTING and CIMB.
FBMKLCI Technical Indicators
The candlestick still stays above the mid-band with the Bollinger band at 0%; this indicates FBMKLCI is sideway biased.
RSI go sideway at 86.11; this indicates FBMKLCI still bullish but it will trade sideway in short-term.
STC %K decreased slightly to 93.51 and the %D decreased slightly to 96.39. This indicates FBMKLCI still bullish but it is weakened now may go sideway or correction.
The MACD continues to hook up and crosses the R1 line (see picture), this will avoid the chart to form a bearish divergence signal. The histogram is not growing today; it is flat and might form a rounding top if the index continues to go sideway. Once a rounding top is formed, the index will correct for short-term.
Summary
FBMKLCI is traded sideway today however the overall market is considered as bullish as rotational play on the lower liners is continuing. We can notice rotational profit taking also took place. Those previously pushed up counters like Unisem and Bjcorp; after they had consolidated for a few days, they were pushed up again. We believe the process will continue until the Bull Run end. We are still bullish on the market as the market volumes continue to trade above 1 billions shares for 3 consecutive days. However the index had continued uptrend for 12 sessions, we predict there will be a correction or sideway soon. The nearest possible resistance levels for FBMKLCI are 1347.61 (today high), 1353 and 1436. The nearest possible support levels are 1344 (L1), 1334, 1320, and 1308. Please refer to the chart below for better understanding.
