Due to overnight DJI jumped +213 points, FBMKLCI opened with +4.77 points gap up at 1303.14. It continued to trend up and went as high as 1312.10 (+13.72). However profit taking on the heavy weight CI components toward the afternoon session and it retreated back to the opening level at 1303.13. Nevertheless it still closed above 1300 level for the 1st time since 20/5/10. The overall market’s trend is considers as bullish today as there are 494 up counters and 174 down counters with the market total traded volume increased by 29.5 % to 662 MIL shares. The volume still below 40 days VMA but it is getting closer.
Today’s FBMKLCI top 5 gainers components are GENTING, GENM, PETDAG, YTLPOWR and HLFG. The top 5 lagging components are MMCCORP, YTL, BAT, TM and MAYBANK.
FBMKLCI Technical Indicators
The INDEX stays above the Mid-Band with the Bollinger band opened 10%, this indicates FBMKLCI is slightly bullish biased.
RSI increases to 79.54; this indicates FBMKLCI is bullish biased.
STC %K decreased to 72.99 and the %D decreased slightly to 78.7, this indicates FBMKLCI is still bullish but the strength is weaken.
Summary
Most of the indicators indicate FBMKLCI is bullish biased but the trend is weak. It may correct slightly or consolidation for short term. It broke out 1302 and 1308 resistance levels in the morning but profit taking sent the CI below 1308 in the afternoon. However the game for the 2nd and 3rd liners is not over yet if the CI maintains sideway or slightly lower. The good news is the trading volume increases 29.5% today. This means that some investors had return to the market even though the World Cup is getting hot.
The nearest possible resistance level for FBMKLCI is 1308 and 1320. The nearest possible support level is 1302 and 1290. Please click on the chart below for better understanding.
