With Europe's market rebounded from 2% to 3% and Dow futures up 65 points (at 5:30 AM), the global markets could have short term rebound as well. We are looking for rebound at major resistances like 200 days MA, 1272, 1292 and 1300. Any set back at these resistances is an opportunity to short the Futures.
There are 426 up counters and 320 down counters with the market total traded volume decreased by -1.2% to 929 MIL shares. It is above 40 days volume moving average today.
Today’s FBMKLCI top 5 gainers components are GENTING, AXIATA, TM, MMCCORP and MAXIS. The top 5 lagging components are GENM, PPB, YTL, MISC and HLFG.
FBMKLCI Technical Indicators
The INDEX stays below the Mid-Band with the Ballinger band expanded another 13%; this indicates FBMKLCI still bearish.
RSI increases slightly to 12.88; this indicates FBMKLCI is bearish.
STC %K decreased to 1.58 and the %D decreased to 5.26, this indicates FBMKLCI is bearish but it also indicates FBMKLCI is oversold for short term.
The MACD line continues to hook down below ZERO level, this indicates FBMKLCI is bearish.
Summary
All the indicators indicate FBMKLCI is bearish however STC and RSI also indicate FBMKLCI is oversold. FBMKLCI was up in the morning today however it was resisted by 1254 resistance level and the 200 days MA at about 1267.
The nearest possible resistance levels for FBMKLCI are 1254, 1267 and 1272. The nearest possible support levels are 1233, 1224 and 1200. Please click on the chart below for better understanding.
