There are 193 up counters and 531 down counters with the market total traded volume increased by 12.2% to 861 MIL shares. The volume is slightly below 40 days VMA.
Today’s FBMKLCI top 4 gainers components (only 4 gainers) are TM, BJTOTO, YTL, and MAXIS. The top 5 lagging components are GENM, SIME, KLK, MMCCORP and TANJONG.
FBMKLCI Technical Indicators
The INDEX stays BELOW the Mid-Band with the Bollinger band expanded 1%; this indicates FBMKLC is bearish biased now for short term.
RSI decreases to 49.82; this indicates FBMKLCI is bearish biased for short-term.
STC %K decreases to 44.21 and the %D decreases to 76.12. This indicates FBMKLCI is bearish biased for short-term.
The MACD line had hooked down again and the histogram turns rounding top; this indicates FBMKLCI is bearish biased for short-term.
As indicated on the picture below, a bearish divergence (MACD versus Index ) had been identified since yesterday. This means correction could be started from here.
Summary
All the indicators above indicate FBMKLCI is bearish biased for short-term. As stated on the earlier post, most of the sectors had formed a lower high or bearish divergence, this means that correction could be started from this level for FBMKLCI and the whole market.
The nearest possible resistance levels for FBMKLCI are the L2 dynamic trend line, the BBMB, 1340.8 and 1349.92. The nearest possible support levels are 1334, 1324.8 and FIBO 1320.29. Please refer to the chart below for better understanding.
