There are 145 up counters and 678 down counters with the market total traded volume increased by 15.8% to 886 MIL shares. The market volume is almost touching the 40 days VMA however when the market is under correction, this means that the selling is heavy and panic.
Today’s FBMKLCI top 5 gainers components are NESTLE, UMW, PETGAS, GENM and ASTRO. The top 5 lagging components are CIMB, MAYBANK, AXIATA, TANJONG and TENAGA.
FBMKLCI Technical Indicators
The INDEX stays below the Mid-Band with the Bollinger band expanded another 42%; this indicates FBMKLCI is bearish for short term.
RSI decreases to 16.96; this indicates FBMKLCI is bearish biased for short-term.
STC %K increases to 7.56 and the %D decreases to 13.19, this indicates FBMKLCI is bearish for short term but it is oversold now.
The MACD line continues to hook down below ZERO level, this indicates FBMKLCI is bearish for short term.
Summary
All the indicators indicate FBMKLCI is bearish for short term. FBMKLCI had broken a few support levels today. The RSI and STC had indicated FBMKLCI is oversold, we still expecting a short-term technical rebound will happen before further correction. Most of the indicators indicate the mid-term view of FBMKLCI had turn bearish today. The nearest possible resistance levels for FBMKLCI are 1292, 1302 and 1320. The nearest possible support levels are 1280 and 1272. Please click on the chart below for better understanding.
