The overall market’s trend is considers as bullish today as there were 405 up counters and 238 down counters with the market total traded volume increased by 24.7% to 664 MIL shares. The market volume is slightly above the 40 days VMA today; this means that some aggressive investors’ had returned to the market.
Today’s FBMKLCI top 5 gaining components are PPB, PETGAS, AXIATA, MAS and HLFG. The top 5 lagging components are MMCCORP, GENTING, TANJONG, TM, and SIME.
FBMKLCI Technical Indicators
FBMKLCI stays above the Bollinger Middle Band 10 (BMB10). The Bollinger Band 10 (BB10) had reduced its contraction to -2% today due to technical rebound; this means that it is considered as technical rebound.
RSI moves sideway to 53.6; this indicates FBMKLCI is in the neutral zone and consolidation.
STC %K increases to 81.54 and the %D increases to 53.86, this indicates FBMKLCI
is bullish biased.
Momentum is trending up but slightly below the zero level, this indicates FBMKLCI is considered as neutral.
The MACD trending up slightly and the histogram had started the rounding bottom; this indicates FBMKLCI may have a chance to rebound further.
Summary
Most the indicators indicate FBMKLCI is having technical rebound but has not turn bullish yet. Once the Bollinger10 is opened and the index closed above the BMB, FBMKLCI will be considered as bullish trend. Right now the index was resisted by the 76.4% FR at 1325. Once this hurdle is cleared, it may reach 1335 or higher.
The nearest possible resistance levels for FBMKLCI is 1325 (FR 76.4%) and the L1 trend line whereas the nearest possible supports levels is BMB (1314) and 1309 (FR 61.8%). Please refer to the picture below.
