There are 136 up counters and 689 down counters with the market total traded volume increased by 13% to 781 MIL shares. With the market correction, the increase of trading volume also means that the selling is heavy.
FBMKLCI has no gainer for today. The top 5 lagging components are PPB, IOICORP, MMCCORP, CIMB and AMMB.
FBMKLCI Technical Indicators
The INDEX stays below the Mid-Band with the Bollinger band expanded 82%; this indicates FBMKLCI is bearish for short term.
RSI decreases to 34.88; this indicates FBMKLCI is bearish biased for short-term.
STC %K decreases to 3.79 and the %D increases to 41.01, this indicates FBMKLCI is bearish for short term.
The MACD line continues to hook down at ZERO level, this indicates FBMKLCI is bearish for short term.
Summary
All the indicators indicate FBMKLCI is bearish for short term. If the composite index continues to drop below 1292, the market will turn down trend in near future. However STC %K indicates the market is oversold today, we expect a temporary technical rebound any time soon before the market continues to head south.
The nearest possible resistance levels for FBMKLCI are 1320, EMA14/21/31 and 1334. The nearest possible support levels are 1302 and 1292. Please refer to the chart below for better understanding.
