The overall market sentiment was turned bullish today as there were 470 up counters and 266 down counters with the market total traded volume slightly decreased by 1.9% to 1.25 BIL shares. This is the 5th session the market is traded above 1 million shares. The outlook of KLSE still bullish biased.
Today’s FBMKLCI top 5 gainers components are MISC, RHBCAP, PLUS, UMW and TM. The top 5 lagging components are PPB, PETGAS, PETDAG, ASTRO and AMMB.
FBMKLCI Technical Indicators
The candlestick still stays above the mid-band with the Bollinger band contracted another -10%; this indicates FBMKLCI is under consolidation stage. The BBMB temporary provides support to FBMKLCI for now.
RSI hooked to 77.65; this indicates FBMKLCI still bullish biased.
STC %K slightly increased to 60.49 and the %D decreased to 77.68. This indicates FBMKLCI was under consolidation stage.
The MACD hooked down and almost touching trigger line. The histogram continues to form a rounding top. This indicates FBMKLCI short-term correction or consolidation.
Summary
FBMKLCI manages to support above the BBMB at 1332.6. Although the composite index counters were under consolidation, the good fundamental lower liners like TCHONG, GKENT, SUNCITY, APM and etc were actively pushed up today.
We expect the market will go uptrend some more provided there is no bad news around. Nevertheless the stocks prices are getting more expensive now. We expect rotational play will go on but you are advice to pick only good and under value counters to lower your risk.
The nearest possible resistance levels for FBMKLCI are 1334, 1348 (L1) and 1353.8. The nearest possible support levels are 1332.6 (BBMB), 1320, and 1308. Please refer to the chart below for better understanding.
