The overall market sentiment was bearish biased as KNM was under selling pressure due to privatisation failure. The rubber glove stocks were pushed up in the morning however they were under selling pressure in the noon due to some analysts downgrade the rubber stocks from hold to sell. We did not see much rotational play today but many 2nd liners were under correction today. There are 293 up counters and 406 down counters with the market total traded volume increased by 23.6% to 1.04 BIL shares. The total traded volume resume above 1 billion shares and 40 days VMA today.
Today’s FBMKLCI top 5 gainers components are HLBANK, AXIATA, RHBCAP, GENTING and MMCCORP. The top 5 lagging components are TANJONG, UMW, CIMB, SIME and YTLPOWR.
FBMKLCI Technical Indicators
The INDEX still slightly above the mid-band with the Bollinger band contracted another -32%; this indicates FBMKLCI is sideway biased now and will stay consolidation.
RSI goes sideway at 71.65; this indicates FBMKLCI is consolidation.
STC %K decrease slightly to 51.2 and the %D decreased slightly to 62.27. This indicates FBMKLCI is consolidation.
The MACD had crosses the trigger line and the histogram continued to dip below ZERO level. This indicates FBMKLCI short-term consolidation or correction.
Summary
FBMKLCI rebounded slightly at the closing however it is consider as consolidation.
It is slightly above BBMB and L2 support line now. As long as it stays above the BBMB and L2, the outlook of FBMKLCI still bullish biased. However if it falls beyond the BBMB and L2, short-term correction cannot be avoided.
The nearest possible resistance levels for FBMKLCI are 1347.6 and 1354. The nearest possible support levels are BBMB & L2, 1334, 1320, and 1308. Please refer to the chart below for better understanding.
