There are 205 up counters and 522 down counters with the market total traded volume increased by 4.4% to 938 MIL shares. The volume is slightly above the 40 days VMA of 919 MIL shares. With the bearish trend, the increase of market volume also means heavy selling but on the other hand there are many investors collect the stocks at a discount rate.
Today’s FBMKLCI top 5 gainers components are AXIATA, BJTOTO, DIGI, GENM and HLBANK. The top 5 lagging components are MAXIS, BAT, MMCCORP, PPB and PPBANK.
FBMKLCI Technical Indicators
The INDEX stays BELOW the Mid-Band with the Bollinger band expanded 6%; this indicates FBMKLC is bearish biased for short term.
RSI slightly increases to 50.1; this indicates FBMKLCI is sideway to bearish biased for short-term.
STC %K increases to 50.34 and the %D decreases to 49.22, this indicates FBMKLCI is sideway to bearish biased for short-term.
The MACD line continues to hook down and the histogram turns rounding top; this indicates FBMKLCI is bearish biased for short-term.
Summary
All the indicators above indicate FBMKLCI is sideway to bearish biased for short-term. The composite index look like a sideway market after pushing up from –16.24 points to +1.02 points today but actually most of the penny stocks and lower liners are heavy corrected. The nearest possible resistance levels for FBMKLCI are 1334, the L2 dynamic trend line, the BBMB and 1340. The nearest possible support levels are 1324.8 and the FIBO 1320.29. Please refer to the chart below for better understanding.
