The overall market’s trend is considered as bullish today as there were 491 up counters and 268 down counters with the market total traded volume increased 13.8% at 993 MIL shares. The trading volume is above 40 days VMA and it is sufficient to keep the market “HOT”. We expect the rotational play and profit taking will continue on Monday.
Today’s FBMKLCI top 5 gaining components are MMCCORP, GENM, SIME, HLBANK and YTLPOWR. The top 4 lagging components are MAS, BJTOTO, BAT and TENAGA.
FBMKLCI Technical Indicators
Although FBMKLCI surge >9 points but Bollinger(10) has not open, it contracted 19% and indicates consolidation stage.
RSI increased to 72.58 and enter into the bullish zone; this indicates FBMKLCI is bullish biased.
STC %K increases to 100% and the %D increases to 85.78, this indicates FBMKLCI is bullish biased.
The MACD hooked up slightly; this indicates FBMKLCI is bullish biased.
The DMI, +D (green line) hooks up further and the –D (Red line) hooks down. This indicates FBMKLCI is bullish biased. If the yellow ADX line hooks up again, the bull will be a strong bull. Otherwise it is a weak bull.
Summary
Most the indicators indicate FBMKLCI is bullish biased. The index continues to form a higher low and this is an up-trend pattern. FBMKLCI just broke above L1 trend line today and there is a good chance for it to grow some more. If it successfully breaks above 1350-1357 resistance level, the next hurdles waiting there will be 1384 and 1438.
The nearest possible resistance levels for FBMKLCI is 1350-1357 whereas the nearest possible supports levels is BMB (10) and 1325 (FR 76.4%). Please refer to the picture below.
