This morning FKLI spot month futures opened with +17 points gap up at 1335.50. We were still wondering what are the catalysts behind that pushed the futures so high? Unexpectedly FBMKLCI also opened with +3.09 points gap up and it was trading with a gradually up-trend to close at 1335.29 (+17.6, +1.34%).
The overall market’s trend is considers as super bullish today as there are 591 up counters and 161 down counters with the market total traded volume increased by 71.3 % to 921 MIL shares. The volume is above 40 days VMA; this means that many investors had returned to the market. This is definitely a good news to KLSE with the trading volume increases.
Today’s FBMKLCI top 5 gainers components are PBBANK, CIMB, HLFG, IOICORP and SIME. The top 4 lagging components are TENAGA, YTL, BJTOTO and UMW.
FBMKLCI Technical Indicators
The INDEX stays above the Mid-Band with the Bollinger band opened 63%; this indicates FBMKLCI is very bullish.
RSI flat at 79.72; this indicates FBMKLCI is bullish biased.
STC %K is sideway at 99.96 and the %D increases to 89.31, this indicates FBMKLCI is very bullish but it also indicates CI near overbought.
The MACD line is growing upward and crosses the ZERO level. The MACD histogram grows further; this indicates FBMKLCI is very bullish.
The EMA 14/21/31 lines are very close to each other and pending to form a golden cross. It also means that FBMKLCI almost come out from the bear trend.
Summary
All the indicators indicate FBMKLCI is very bullish and with the trading volume exceeded 40 days VMA, we believe it will shift to the bull trend any time from now.
However STC indicates FBMKLCI is overheated and profit taking may happen any time soon. The nearest possible resistance level for FBMKLCI is 1350 and the nearest possible support level is 1325 and 1302. Please click on the chart below for better understanding.
