The overall market’s trend is considers as mixed today as there were 318 up counters and 332 down counters with the market total traded volume increased by 9.4 % to 749 MIL shares. The market volume is slightly above the 40 days VMA however the increase of volume with the stock prices dropping in the afternoon is not too healthy to the market. This indicates a moderate selling activity is going on especially during the last hour.
Today’s FBMKLCI top 5 gainers components are MISC, BJTOTO, IOICORP, PBBANK and GENM. The top 5 lagging components are PETDAG, BAT, TANJONG, DIGI and HLBANK.
FBMKLCI Technical Indicators
The INDEX still stays above the Mid-Band with the Bollinger band contracted -2%; this indicates FBMKLCI is consolidation.
RSI hooked down to 69.86; this indicates FBMKLCI is consolidation.
STC %K decreases to 76.81 and the %D increases to 85.37, this indicates FBMKLCI is within the bullish zone but it was under mild correction.
The MACD histogram had started to form a rounding top, this signal FBMKLCI may start correction from here.
Summary
All the indicators indicate FBMKLCI is consolidation however a moderate profit taking was started in the afternoon and many 2nd & 3rd liners were giving back the gain during the morning session. The candlestick of FBMKLCI was formed an inverted hammer; this indicates the investors were selling in the afternoon until the closing session.The nearest possible resistance levels for FBMKLCI are 1335 and 1350 whereas the nearest possible support levels are 1325 and 1309. Please review the chart below.
