The World Cup is just around the corner. It is quite obvious that the market is lack of support today. FBMKLCI is traded in a very narrow range until the last 10 minutes it was pushed down -4.73 points to close at 1276.02 (-6.95, -0.54%). FKLI just traded the other way but it considers as sideway and closing positive at 1279.5 (+7, +0.6%).
FBMKLCI still resisted by the Bollinger mid-band at about 1278 at this moment. The overall market’s trend is considers as mixed today as there are 287 up counters and 294 down counters with the market total traded volume decreased by 10% to 585 MIL shares. This means that the market’s volume getting lower and more investors are sideline today.
Today’s FBMKLCI top 3 gainers components (only 3 gainers today) are PETDAG, GENTING and SIME. The top 5 lagging components are GENM, NESTLE, HLFG, PLUS and BJTOTO.
FBMKLCI Technical Indicators
The INDEX still stays below the Mid-Band with the Bollinger band contracted another -14%; this indicates FBMKLCI is consolation just below the Mid-Band.
RSI decreases slightly to 28.32; this indicates FBMKLCI is consolidation.
STC %K decreases slightly to 37.75 and the %D increased to 37.69, this indicates FBMKLCI is moving side way.
The MACD line grows sideway today (below ZERO level) and the histogram may form a rounding top today, this indicates FBMKLCI is moving sideway.
Summary
All the indicators indicate FBMKLCI is consolidation; it faces a strong resistance below the BBMB at 1278 today. Technically it will continue to move sideway rather than up-trend. 1284-1285 could form another lower high for FBMKLCI if it cannot exceed this level in the next few days. This means it will have a chance to retest 200 days MA or lower soon.
The nearest possible resistance levels for FBMKLCI are BBMB, 1284 and 1290.5. The nearest possible support levels are 1272, 1254 and 1224. Please click on the chart below for better understanding.
