Today is a volatile day for FBMKLCI. It was losing -8 points at 1277 the beginning of 1ST 10 mins and then it was pushed up +5.47 points at the last 10 mins from 1277.5 to close at 1282.97 (-2.04, -0.16%). However the FBMKLCI futures (FKLI) does not follow the index, it gave up –15.5 points (-1.2%) to close at 1272.5. FBMKLCI was resisted by the Bollinger mid-band at about 1285 at today.
The overall market’s trend is considers bearish today as there are 200 up counters and 487 down counters with the market total traded volume decreased by 14% to 653 MIL shares. The problematic counter; KENMARK alone contributed 191 MIL shares. This means that the market’s volume getting lower and more investors are sideline today.Today’s FBMKLCI top 5 gainers components are NESTLE, GENM, MAYBANK, IOICORP and BJTOTO. The top 5 lagging components are TANJONG, HLFG, HLBANK, MISC and TM.
FBMKLCI Technical Indicators
The INDEX still stays below the Mid-Band with the Bollinger band contracted another 11%; this indicates FBMKLCI is consolation just below the Mid-Band.
RSI decreases slightly to 32.89; this indicates FBMKLCI moving side way.
STC %K decreases slightly to 43.74 and the %D increased to 28.13, this indicates FBMKLCI moving side way.
The MACD line continues to hook up (below ZERO level) and the histogram was started to form a rounding bottom, this indicates FBMKLCI may has a chance to rebound.
Summary
All the indicators indicate FBMKLCI is sideway biased however right now it faces stronger resistance below the BBMB. Technically it will move sideway rather than up-trend.
The nearest possible resistance levels for FBMKLCI are 1282/BBMB, 1290 and 1302. The nearest possible support levels are 1272, 1254 and 1224. Please click on the chart below for better understanding.
