The overall market’s trend is considers as bullish today as there were 405 up counters and 195 down counters with the market total traded volume increased by 38% to 622 MIL shares. The market volume is slightly below the 40 days VMA today; this means that the investors’ confident level had increased.
Today’s FBMKLCI top 5 gaining components are MMCCORP, GENTING, PETDAG, BJTOTO and TANJONG. The top 5 lagging components are SIME, TM, AXIATA, TENAGA, and PETGAS.
FBMKLCI Technical Indicators
FBMKLCI still closed below ema14, 21, 31, and the Bollinger Middle Band 10 (BMB10). The Bollinger Band 10 (BB10) contracted -8% today due to technical rebound; it has not get out from the bearish stage yet.
RSI increases to 54.63; this indicates FBMKLCI is in the neutral zone after rebounded 7.58 points.
STC %K increases to 32.49 and the %D increases to 14.87, this indicates FBMKLCI was having technical rebound but it still remain bearish.
Momentum was rebounded but still below zero level, this indicates FBMKLCI has not get out from the bearish stage yet.
The MACD line is moving down slightly but has not hooks up yet; this indicates FBMKLCI hasl not get out from the bearish stage yet.
Summary
All the indicators indicate FBMKLCI still within the bearish zone although it rebounded 7.58 points today. If it can rebound above the BBMB with volume support, it may resumes the up trend direction.
The nearest possible resistance levels for FBMKLCI are 1309 (FR 61.8%) and the BBMB (1314-1315) whereas the nearest possible supports levels are 1300 and 1296.89 (FR 50%). Please refer to the picture below.
