There are 250 up counters and 449 down counters with the market total traded volume decreased by 2.1% to 765 MIL shares. The market volume is below 40 days VMA however this is consider normal when the market is under correction.
Today’s FBMKLCI top 5 gainers components are AMMB, MMCCORP, BAT, RHBCAP and YTLPOWR. The top 5 lagging components are TM, GENTING, UMW, PETGAS and BJTOTO.
FBMKLCI Technical Indicators
The INDEX stays below the Mid-Band and at the lower band with the Bollinger band expanded 34%; this indicates FBMKLCI is bearish for short term.
RSI decreases to 31.10; this indicates FBMKLCI is bearish biased for short-term.
STC %K increases to 7.81 and the %D decreases to 24.69, this indicates FBMKLCI is bearish for short term but it is oversold.
The MACD line had hooked down below the ZERO level today, this indicates FBMKLCI is bearish for short term.
Summary
All the indicators indicate FBMKLCI is bearish for short term. FBMKLCI is exactly supported by 1300 support level today, so 1300 temporary provide a firm support for FBMKLCI. The candlestick formed a doji (+ sign) below the long red candlestick, at the same time it is out of the BB20 red band (see picture), possible there will be a technical rebound for the index counters tomorrow. Any rebound will form a lower high for short term and the market could trend down again after rebounded.
The nearest possible resistance levels for FBMKLCI are L2 trend line, 1320 and 1334. The nearest possible support levels are 1300 and 1292. Please refer to the chart below for better understanding.
