Despite DJI surged +274 and most of the regional markets follow but FBMKLCI did not move up much, it traded sideway most of the sessions and closed positively at 1316.03 (+4.28, +0.33%). It manages to stay above the Bollinger10 mid-band now however the Bollinger10 has not open yet. This means that it will consolidate further until the Bollinger10 re-open to determine its direction.
The overall market’s trend is considers as slightly bullish today as there were 365 up counters and 242 down counters with the market total traded volume decreased by 1.3% to 532 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, HLFG, PETDAG, PLUS and YTL. The top 5 lagging components are MMCCORP, IOICORP, MAXIS, MISC, and AXIATA.
FBMKLCI Technical Indicators
FBMKLCI stays above the Bollinger Middle Band 10 (BMB10). The Bollinger Band 10 (BB10) contracted further to -11% today due to technical rebound; this means that it temporary avoided from downtrend and it may stay sideway at the mean time until the Bollinger10 re-open again to determine its new direction.
RSI increases slightly to 55.97; this indicates FBMKLCI is in the neutral zone and consolidation.
STC %K increases to 58.99 and the %D increases to 35.17, this indicates FBMKLCI was having technical rebound but it has not turn bullish yet until the %K crosses the 70 level.
Momentum is consolidates below the zero level, this indicates FBMKLCI is sideway.
The MACD line hooks up slightly and the histogram had started the rounding bottom; this indicates FBMKLCI may have a chance to rebound further.
Summary
All the indicators indicate FBMKLCI temporary get out from the “Bear” zone however it has not turn bullish yet. Right now it just manage to stay above the Bollinger10 Mid-band and it may move sideway until the Bollinger(10) band re-open again to determine its new direction.
The nearest possible resistance levels for FBMKLCI is 1325 (FR 76.4%) whereas the nearest possible supports levels are BMB (1313) and 1309 (FR 61.8%). Please refer to the picture below.
