FBKMKLCI was trading sideway for the whole session and closed at 1336.65 (+2.57, +0.19%). Although the INDEX is consolidation, but the overall market is bullish biased as many 2nd liners’ “blue chips” like SUPERMX, YEELEE, HUPSENG, DAIBOCI, TOMYPAK, KOSSAN, HELP, LMCEMENT and others were surging with good profit. This scenario makes me feel that the market is building up its base and may get ready for the next “bull-run”. Sometime you cannot just look at CI alone, there are many sectors are bullish today. Is this a short-term or mid-term bullish trend? It depends on global market sentiment especially the Q2 earning report from US’s big cap companies.
The overall market’s trend is considers as bullish biased today as there were 476 up counters and 206 down counters with the market total traded volume increased by 28% to 793 MIL shares. The market volume is above the 40 days VMA today; this is good sign that some investment funds are starting to collect a good stocks.
Today’s FBMKLCI top 5 gaining components are PETDAG, PETGAS, HLBANK, UMW and PPB. The top 5 lagging components are GENM, BJTOTO, MMCCORP, GENTING and AMMB.
FBMKLCI Technical Indicators
FBMKLCI stays above the Bollinger Middle Band 10 (BMB10). The Bollinger Band 10 (BB10) is open but reduces to 4%; this means that FBMKLCI is consolidation.
RSI is moving sideway at 56.53; this indicates FBMKLCI is consolidation.
STC %K increases slightly to 88.84% and the %D increases slightly to 92.24, this indicates FBMKLCI is slightly bullish biased.
The MACD line crosses the trigger line and the histogram stays above the ZERO, this indicates FBMKLCI is bullish biased.
Summary
All the indicators indicate FBMKLCI is moving sideway with slightly bullish biased. As I mentioned above, although the CI is consolidation, there are many 2nd liners are surging today. This is a good sign that many serious investors or investment funds are starting to lock in the good counters. There are still many good fundamental counters under their fair value and have not really move up yet.
The nearest possible resistance levels for FBMKLCI is 1341 and 1350 whereas the nearest possible supports levels is 1325 (FR 76.4%). Please refer to the picture below.
