FBMKLCI Technical Indicators
The INDEX stays above the Mid-Band with the Bollinger band opened 7%; for the first time since 13/5/10. This indicates FBMKLCI is considered as sideway with slightly bullish biased.
RSI increases to 61.37; this indicates FBMKLCI is slightly bullish biased.
STC %K increased to 85.8 and the %D decreased slightly to 83.73, this indicates FBMKLCI is bullish biased.
The MACD line is growing upward and crosses the trigger line but it stays below the ZERO level. The histogram had grown slightly higher to avoid the rounding top. This indicates FBMKLCI is slightly bullish biased.
Summary
Most of the indicators indicate FBMKLCI is slightly bullish biased. The Bollinger Band had opened upward above the BBMB for the 1st time since 13/5/10. If there is no bad news around the world, FBMKLCI should be moving upward toward 1308-1309 resistance levels. We found that many 2nd liners like YEELEE, KPJ, KSENG, SEG and etc had started to move up. Most of the sectors like construction, consumer, property, Industrial Products, Trading & Services and Technology had formed a higher low. There is a chance for the market to rebound further in short term even though the World Cup had started. However we predict the up trend will be very slow due to lack of volume support.
The nearest possible resistance level for FBMKLCI is 1308 and the nearest possible support level are 1290 and 1284. Please click on the chart below for better understanding.
