Technical Commentary 29/04/10

FBMKLCI rebounded above the resistance level 1334 and consolidated until the closing at 1335.86 (+2.69, +0.2%). Right now FBMKLCI had resumed above the Bollinger mid-band but it was considered as sideway. There are 347 up counters and 363 down counters with the market total traded volume slightly increased by 8% to 897.9 MIL shares. The market volume is just slightly below 40 days VMA today.

Today’s FBMKLCI top 5 gainers components are DIGI, GENM, GENTING, PLUS, and PETDAG. The top 5 lagging components are MMCCORP, TENAGA, CIMB, AMMB, and KLK.

FBMKLCI Technical Indicators
The INDEX stays above the Mid-Band with the Bollinger band reduces to 0%; this indicates FBMKLC is sideway biased for short-term.

RSI further increased to 52.61; this indicates FBMKLCI is sideway to slightly bullish biased for short-term.

STC %K hooks up again above threshold 70 at 75.66 and the %D also increased slightly to 78.08. This indicates FBMKLCI is sideway to slightly bullish biased for short-term.

The MACD line went sideway and the histogram went sideway as well, pending to form another rounding bottom; this indicates FBMKLCI is sideway biased.

Summary
Most of the indicators above indicate FBMKLCI is sideway to slightly bullish biased now. The increased of market volumes was mainly due to TALAM was under selling pressure with 155 MIL shares exchanged today. KNM also traded with high volumes (93 MIL shares) but it was oversold and the investors started to rush in. The nearest possible resistance levels for FBMKLCI 1340.8 and 1347.6. The nearest possible support levels are 1334, 1324.8, 1318 (Fibo23.6%). Please refer to the chart below for better understanding.