Due to strong US’s housing data, global market rebounded strongly today. FBMKLCI open with gap up at 1285.54 (+9.52), it continues to break out 1287 resistance level and finally closed at 1294 (+18.42, +1.44%). Although the index rebounded strongly today but the trading volume is not supporting the uptrend. We still need to be caution because it will not sustain without the volume support.
The overall market’s trend is considers as bullish today as there are 542 up counters and 154 down counters with the market total traded volume increased by 11.9% to 655 MIL shares. This means that the market’s volume is still below 40 days volume moving average.
Today’s FBMKLCI top 5 gainers components are GENM, GENTING, CIMB, HLFG and AXIATA. The top 2 lagging components (only 2 losers today) are UMW and TM.
FBMKLCI Technical Indicators
The INDEX stays above the Mid-Band with the Bollinger band contracted another -22%; this indicates FBMKLCI is considers as consolation although it rebounded strongly.
RSI increases slightly to 34.89; this indicates FBMKLCI is not turning bullish yet.
STC %K increases to 77.49 and the %D increased to 48.9, this indicates FBMKLCI is bullish biased.
The MACD line hooks up again after strong rebound (below ZERO level) and the histogram continues with the rounding bottom, this indicates FBMKLCI is bullish biased.
Summary
The indicators for FBMKLCI are mixed today, however the EMA 14/21/31 indicates FBMKLCI still not turn bullish. Technically it still considers as technical rebound. We still need a few more days to confirm its trend.
The nearest possible resistance levels for FBMKLCI are 1302 and 1320. The nearest possible support levels are 1287, BBMB, 1272. Please click on the chart below for better understanding.
