The overall market’s trend is considers as slightly bearish today as there were 251 up counters and 370 down counters with the market total traded volume decreased by 24%% to 568 MIL shares. The market volume is below the 40 days VMA; this means that the investors are caution.
Today’s FBMKLCI top 5 gainers components are HLBANK, BAT, YTL, TANJONG and PETDAG. The top 5 lagging components are BJTOTO, HLFG, MAS, SIME and GENTING.
FBMKLCI Technical Indicators
The INDEX still stays above the Mid-Band with the Bollinger band contracted -5%; this indicates FBMKLCI is consolidation.
RSI moved sideway to 70.12; this indicates FBMKLCI is consolidation.
STC %K move sideway to 78.24 and the %D moved sideway to 79.52, this indicates FBMKLCI is within bullish zone but consolidation.
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 and its direction is uncertain. There is no fresh good or bad news to influence the market direction at this moment. Although FBMKLCI is moving sideway for a few days but it is still within the bullish zone. We still need to be caution because Dow Jones, Nasdaq, S&P500, FTSE and Nikkei had turned bearish again.
The nearest possible resistance levels for FBMKLCI are 1335 and 1350 whereas the nearest possible support levels are 1325 (76.4% FR), BBMB 1315 and 1309. Please review the chart below.
