FBMKLCI continues to rebound for 2nd day firmly to close at 1285.01 (+15.85, +1.25%). It is still considered as technical rebound and it was resisted by 1287 FIBO level at this moment but stay firmly above 200 days moving average. However the overall market’s trend is considers as mixed as there are 364 up counters and 306 down counters with the market total traded volume decreased by 12% to 760 MIL shares. The market volume is below 40 days volume moving average today.
Today’s FBMKLCI top 5 gainers components are PLUS, GENM, HLFG, IOICORP and YTL. The top 3 lagging components (only 3 losers today) are SIME, MMCCORP and MAXIS.
FBMKLCI Technical Indicators
The INDEX stays below the Mid-Band with the Bollinger band contracted another 10%; this indicates FBMKLCI is having a technical rebound from the falling trend and now it is moving to neutral zone.
STC %K increased to 44.04 and the %D increased to 17.95, this indicates FBMKLCI getting out of bearish zone but has not turn bullish yet.
The MACD line started to hook up (below ZERO level) and the histogram was started to form a rounding bottom, this indicates FBMKLCI is rebounding.
Summary
All the indicators indicate FBMKLCI is getting out from the bearish zone temporary however it has not turn bullish yet unless it stays above the BBMB with the STC breaks above 70.
The nearest possible resistance levels for FBMKLCI are 1287/BBMB/1290 and 1302. The nearest possible support levels are 1272, 1254 and 1224. Please click on the chart below for better understanding.
