The regional is rebounding from yesterday drastic dip. Our FBMKLCI opens at 1329.53 (+2.86) with intraday low at 1329.37 (+2.70) and finally advance toward the end of day closing at 1335.90 intraday high. The FBMKLCI ups by +9.23 points and touches the Bollinger middle band on the dot.
There are 456 up counters and 230 down counters with the market total traded volume slightly decreased by -2% to 796.6 MIL shares. The total traded volume is below 40 days VMA; that means most investors are still stayed sideline.
Today’s FBMKLCI top 5 gainers components are TOPGLOV, CIMB, DLADY, SUPERMX, and PANAMY. The top 5 lagging components are BAT, LDAUN, KASSETS, LITRAK, and MILUX.
FBMKLCI Technical Indicators
The INDEX closed slightly above the Bollinger mid-band by 0.5 and the Bollinger band contracted by -3%; this indicates FBMKLCI is still in consolidating for short term.
RSI rebounds from 55 to 61 but still below the threshold 70 level; this indicates FBMKLCI is slightly bullish in the consolidating stage for short term.
STC %K rebounds from 21 to 55 and the %D decreased from 37 to 36. This indicates FBMKLCI is still bearish biased for short term.
The MACD had already crossed the trigger line and the histogram line stop dipping further but level off below ZERO level. This indicates FBMKLCI short-term still in consolidating stage.
The MON still stays below the zero level indicates that the FBMKLCI still bearish biased in short term.
Summary
All indicators above indicate FBMKLCI is still in bearish biased but the only good indication is that the FBMKLCI rebounds to closed 0.5 above the Bollinger Middle Band today. However, with the market volumes traded below 40 days VMA, the short-term view for KLCI is still bearish biased.
Should the FBMKLCI were to be in green tomorrow, the nearest possible resistance levels for FBMKLCI is 1347.6. The nearest possible support levels are 1321(yesterday low), 1318 (Fibo) and 1308-1305 (gap).
Please refer to the chart below for better understanding.
