Today FBMKLCI up surprisingly especially during the closing period. It was slightly stays above the 100 days MA yesterday. After broke out 1309 FIBO resistance level, it went as high as 1313 however the momentum unsustainable as profit taking started at about 10am until early afternoon session. It was picked up again in the late afternoon and further pushed above 50 days MA during the closing to close at 1317.69 (+13.22, +1.01%). However we found that the heavy weighted CI component TENAGA surged 5% during the closing, this could be the main reason to help the CI to close above 1% today. If TENAGA able to stay above RM8.80 and the rest will follow on next Monday, we really believe that the CI can rise further.
The overall market’s trend is considers as bullish today as there are 416 up counters and 193 down counters with the market total traded volume increased by 4.1 % to 537 MIL shares. The volume is considered low as it still below 40 days VMA.
Today’s FBMKLCI top 5 gainers components are TENAGA, GENTING, PETDAG, YTLPOWR and DIGI. MMCCORP is the only loser for today.
FBMKLCI Technical Indicators
The INDEX stays above the Mid-Band with the Bollinger band opened 56%; this indicates FBMKLCI is bullish biased.
RSI flat at 79.29; this indicates FBMKLCI is bullish biased.
STC %K increased to 100 and the %D decreased slightly to 84.54, this indicates FBMKLCI is bullish but it also indicates CI close to overbought.
The MACD line is growing upward and close to the ZERO level and the histogram hooked up further, this indicates FBMKLCI is bullish.
Summary
All the indicators indicate FBMKLCI is bullish however the low volume is a question mark for the CI to grow further. With the CI stays above the 50 days MA and the BB opened 56% above the BBMB; potentially FBMKLCI will rise further.
The nearest possible resistance level for FBMKLCI is 1320 to 1324. The nearest possible support level is 1309 and 1290. Please click on the chart below for better understanding.
