FBMKLCI opened with gap up of +3.31 points at 1364.23 however it started to cool down at 9:30am. Nevertheless it maintains bullish through out the session and closed at 1363.60 (+2.68, +0.20%), another new high for FBMKLCI. The candlestick formed a DOJI at the closing; this indicates the direction is unclear.
The overall market’s sentiment is considered as bullish today as there were 494 up counters and 280 down counters with the market total traded volume increased 5% at 963 MIL shares. The trading volume is above 40 days VMA and it is sufficient to keep the market “RED HOT”.
Today’s FBMKLCI top 5 gaining components (CI gainers) are TANJONG, GENM, PETGAS, CIMB and TM. The top 5 lagging components (CI losers) are RHBCAP, PETDAG, HLBANK, AMMB and PLUS.
The primary and secondary indicators
FBMKLCI candlestick stays above the BB10’s mid-band with the BB10 opened another 8% due the index up another 2.68 points. It is well position above the EMA 14/21/31. This indicates the CI is bullish biased. The RSI is flat but the MACD continues to hook up, this indicates the index is bullish biased. The STC continues to stay above 80% and hit 100%, this indicates the CI is bullish but also indicates the CI components are overbought.
Supports and Resistances
Most the indicators indicate FBMKLCI is bullish biased. The next possible resistance range for FBMKLCI is 1380 to 1390 whereas the nearest possible supports levels is 1350 near the BMB(10). If it further breaks down, the next support level will be 23.6% FR 1339. Please refer to the picture below.
