The overall market’s trend is considers as bearish today as there are 226 up counters and 434 down counters with the market total traded volume decreased by -27 % to 672 MIL shares. The volume is below 40 days; this means that some investors are selling but many are holding the positions, which they entered yesterday.
Today’s FBMKLCI top 2 gainers components (only 2 gainers today) are BJTOTO and TANJONG. The top 5 lagging components are TENAGA, DIGI, GENM, SIME and IOICORP.
FBMKLCI Technical Indicators
The INDEX still stays above the Mid-Band with the Bollinger band opened only 4%; this indicates FBMKLCI bullish trend is weaken due to profit taking today.
RSI reduced to 71.43; this indicates FBMKLCI bullish trend is weaken due to profit taking today.
STC %K is sideway at 75.09 and the %D increases to 88.51, this indicates FBMKLCI bullish trend is weaken due to profit taking.
The MACD line is growing upward and crosses the ZERO level however the MACD histogram seems to form a rounding top; this indicates FBMKLCI is under correction.
Summary
All the indicators indicate FBMKLCI is under profit taking and the bullish trend is weaken today. It is good to see it consolidates between 1320-1325 for the next few days before it resumes up-trend. Otherwise it may resume downtrend if it breaks below 1309.
The nearest possible resistance levels for FBMKLCI are 1325 and 1335. The nearest possible support levels are 1320 and 1309. The 50 days SMA also provides a temporary support to the CI. Please review the chart for better understanding.
