The overall market’s trend is considers as mixed today as there were 275 up counters and 307 down counters with the market total traded volume decreased by 13% to 539 MIL shares. The market volume is below the 40 days VMA today; this means that the investors’ confident level still low.
Today’s FBMKLCI top 5 gaining components are SIME, GENTING, TM, PPB and MISC. The top 5 lagging components are PETDAG, HLFG, YTL, MAS, and BAT.
FBMKLCI Technical Indicators
FBMKLCI still closed below the Bollinger Middle Band 10 (BMB10). The Bollinger Band 10 (BB10) had opened from yesterday's contraction to 0% today due to technical rebound; it is still considered as consolidation today.
RSI moves sideway to 54.59; this indicates FBMKLCI is in the neutral zone and consolidation.
STC %K increases to 44.43 and the %D increases to 23.39, this indicates FBMKLCI was having technical rebound but it has not turn bullish yet.
The MACD line hooks up slightly and the histogram seem to start the rounding bottom; this indicates FBMKLCI may have a chance to rebound further.
Summary
All the indicators indicate FBMKLCI is under consolidation stage although it rebounded 4.67 points today. Since the BMB of Bollinger10 is coming down, FBMKLCI may have a chance to break out the BMB tomorrow. The only concern is the regional market performance may stop FBMKLCI to rise further.
The nearest possible resistance levels for FBMKLCI are the BMB (1312-1313) and 1325 (FR 76.4%) whereas the nearest possible supports levels are 1309 (FR 61.8%) and 1296.89 (FR 50%). Please refer to the picture below.
