Due to US’s job data disappointment and Euro debt concerns, DJI plunged -323 points and closed below 10,000 levels on last Friday. Asian market typically plunged from the range of -1.5% to -3.8% today except FBMKLCI was not affected much. It opened with a gap down of -9.88 points at 1284.51 and it went as low as 1278.89 (-15.5) before it recover to lose only -8.12 points at 1286.87 (-0.63%). The overall market’s trend is considers as bearish biased today as there are 151 up counters and 463 down counters with the market total traded volume decreased by 27 % to 492 MIL shares. This means that the market’s volume is far below 40 days volume moving average and many investors are sideline today.
Today’s FBMKLCI top 3 gainers components (only 3 gainers today) are BJTOTO, MMCCORP and IOICORP. The top 5 lagging components are GENTING, YTL, MISC, HLFG and HLBANK.
FBMKLCI Technical Indicators
The INDEX stays above the Mid-Band with the Bollinger band contracted another -11%; this indicates FBMKLCI is considers as consolation and not fall in the down- trend yet.
RSI went sideway to 33.63; this indicates FBMKLCI is considers as consolation.
STC %K hooks down to 78.7 and the %D increased slightly to 68.03, this indicates FBMKLCI is weakening but still stays above 70.
The MACD line went sideway and crosses the trigger line but it stays below the ZERO level. This indicates FBMKLCI is considers as consolation.
Summary
Most of the indicators indicate FBMKLCI still under consolidation above the BBMB. It broke below the EMA14 and 1287 support level with very a low trading volume today. The short term view of FBMKLCI is considers as consolidation. Today it was resisted by the EMA14 and the descending trend line but supported by the BBMB.
The nearest possible resistance levels for FBMKLCI are 1287, EMA14 and 1320. The nearest possible support levels are 1272, BBMB, 1254. Please click on the chart below for better understanding.
