Although FBMKLC only up +3.22 points and closed at1358.41 (+0.22%), it climbs steadily as most of the CI components are supported well except Petgas. Right now it stays above 1357, the previous high and also the resistance level. The CI futures gained +6.5 points to close at 1362.5, there is good chance for the CI to move higher tomorrow. At the time of writing, mini Dow Jones gains 49 points. If DJI closes positive tomorrow, it will definitely boost our market further.
The overall market’s sentiment is considered as slightly bullish today as there were 386 up counters and 345 down counters with the market total traded volume increased +18% at 999 MIL shares. The trading volume is above 40 days VMA and it is sufficient to keep the market “HOT”.
Today’s FBMKLCI top 5 gaining components (CI gainers) are AXIATA, PETDAG, DIGI, MAS and RHBCAP. The top 5 lagging components (CI losers) are PETGAS, PPB, SIME, KLK and AMMB.
The primary and secondary indicators
FBMKLCI candlestick stays above the BB10’s mid-band with the BB10 opened 18% due the index up another 3.22 points. It is well position above the EMA 14/21/31. This indicates the CI is bullish biased. RSI is flat but MACD continues to hook up, this indicates the index is bullish biased. The STC continues to stay above 90%, this indicates the CI is bullish.
Supports and Resistances
Most the indicators indicate FBMKLCI is bullish biased. The nearest possible resistance levels for FBMKLCI is 1390 (the left shoulder high on July 07) and 1425 whereas the nearest possible supports levels is BMB (10) and L1 trend line. If it further breaks down, the next support level will be 23.6% FR 1332. Please refer to the picture below.
