The overall market’s trend is considered as bullish biased today as there were 466 up counters and 278 down counters with the market total traded volume increased by 32.7% to 1.12 BIL shares. However the buy rate was dropped from 52% in the morning to 47% in the afternoon session. This means that many stocks had gave back the gain in the morning and some even turned ‘RED’ in the afternoon. We expect rotational buy and rotational profit taking will take place soon, as there are many stocks are due for T+3 and T+4 in the next 1-3 days.
Today’s FBMKLCI top 5 gaining components are PPB, KLK, RHBCAP, GENM and GENTING. The top 5 lagging components are TM, AXIATA, BJTOTO, YTLPOWR and MMCCORP.
FBMKLCI Technical Indicators
FBMKLCI stays above the Bollinger Middle Band 10 (BMB10). The Bollinger Band 10 (BB10) is contracted another -16%; this means that FBMKLCI is consolidation.
RSI increases slightly to 61.27; this indicates FBMKLCI is slightly bullish biased.
STC %K increases to 88.51% and the %D decreases slightly to 85.52, this indicates FBMKLCI is consolidation with slightly bullish biased.
The MACD hooked up slightly and the histogram seems to start a rounding top soon, at the mean time it indicates FBMKLCI is moving sideway.
Summary
Most the indicators indicate FBMKLCI is moving sideway but slightly bullish biased. 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.
