FBMKLCI continues to move sideway today and closed slightly negative at 1325.54 (-0.91, -0.07%). It is still supported by 1324.89, 76.4% FR support level. Although the CI moves sideway for a few days but it has not turn bearish yet. The market still uncertain and there is no clear direction at this moment.
The overall market’s trend is considers as slightly bearish today as there were 277 up counters and 340 down counters with the market total traded volume decreased by 5.8%% to 535 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 PETDAG, MISC, GENM, KLK and TENAGA. The top 5 lagging components are PPB, TANJONG, YTL, BJTOTO and AMMB.
FBMKLCI Technical Indicators
The INDEX still stays above the Mid-Band with the Bollinger band contracted -8%; this indicates FBMKLCI is consolidation.
RSI hooked up to 77.1; this indicates FBMKLCI is slightly bullish biased.
STC %K continues to move sideway to 74.67 and the %D moved sideway to 79.66, this indicates FBMKLCI is within bullish zone but consolidation.
The MACD line move sideway and the MACD histogram had started to form a rounding top, this signal FBMKLCI may start correction from here.
Summary
Most of the indicators indicate FBMKLCI is consolidation and its direction is uncertain. There is no fresh good or bad news to influence the local market. Although FBMKLCI is moving sideway for a few days but it is still considered within the bullish zone. We still need to be caution because Dow Jones, Nasdaq, S&P500, FTSE and Nikkei had turned bearish again.
Bullish sectors: construction
Sideway sectors: consumer, industrial products, trading and services, property, finance and plantation.
Bearish sectors: FBM Medaq and Technology
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. There is not much changes on the FBMKLCI chart for today and last Friday 25/6/10.
