The overall market’s trend is considered as bearish today as there were 182 up counters and 425 down counters with the market total traded volume decreased by 28% to 449 MIL shares. The market volume is far below the 40 days VMA today; this means that many investors still chose to stay sideline.
Today’s FBMKLCI top 4 gaining components are TANJONG, IOICORP, TM and TENAGA. The top 5 lagging components are SIME, BAT, HLFG, GENTING, and PETDAG.
FBMKLCI Technical Indicators
FBMKLCI has closed below EMA14, 21, 31, and also below the Bollinger Middle Band 10 (BMB10). The Bollinger Band 10 (BB10) expanded 27%; this means that FBMKLCI is falling and bearish.
RSI decreases to 51.34; this indicates FBMKLCI is bearish biased.
STC %K decreases to 3.77 and the %D decreases to 13.85, this indicates FBMKLCI is bearish biased.
Momentum is below zero level and moving down further, this indicates FBMKLCI is bearish biased.
The MACD line is moving down further and approaching the ZERO level; the MACD histogram had formed a rounding top, this indicates FBMKLCI is bearish biased.
Summary
All the indicators indicate FBMKLCI is bearish biased. The Bollinger band had opened 27% and with the candlestick stays below the Bollinger mid-band; this means that FBMKLCI had fell into the correction stage now.
The nearest possible resistance levels for FBMKLCI are the 1300 psychological level and 1309 (FR 61.8%) whereas the nearest possible supports levels are 1296 (FR 50%) and 1284 (FR 38.2%). Please refer to the picture below.
