The overall market’s trend is considers as mixed today as there were 286 up counters and 300 down counters with the market total traded volume increased by 12% to 626 MIL shares. The market volume is still below the 40 days VMA today; this means that many investors still chose to stay sideline.
Today’s FBMKLCI top 5 gaining components are GENTING, BAT, YTL, PETGAS, and TENAGA. The top 5 lagging components are GENM, TANJONG, HLFG, CIMB, and IOICORP.
FBMKLCI Technical Indicators
FBMKLCI has closed below ema14, 21, 31, and also below the Bollinger Middle Band 10 (BMB10). The Bollinger Band 10 (BB10) contracted -7%; this means that although the index was considered as consolidation until a re-expansion of BB10 to indicate a new direction;
RSI decreases to 57.77; this indicates FBMKLCI is in consolidation stage but slightly bearish;
STC %K grow sideway to 9.3 and the %D decreases to 26.63, this indicates FBMKLCI is bearish biased;
Momentum is decreasing below zero level, this indicates FBMKLCI is slightly bearish;
The MACD line is hooking down further and it had cut down the trigger line. The MACD histogram had formed a rounding top, this indicates FBMKLCI is bearish biased.
Summary
Most of the indicators indicate FBMKLCI is bearish biased but it is still considered as consolidation stage until the next re-expansion of the Bollinger Band 10 to indicate a new direction. The nearest possible resistance levels for FBMKLCI are dynamic EMA31 (1311) and the BMB10 (1320) whereas the nearest possible supports levels are physiological 1300 and 1296 (Fibo 50%).
Please refer to the picture below.
