FBMKLCI opened with gap up and went as high as 1370.52 (+6.92) before profit taking activity took place. It was then traded sideway below yesterday closing points before closed flat at 1363.83 (+0.23, +0.02%). There are many 2nd and 3rd liners are heavy corrected today.
The overall market’s sentiment is considered as bearish today as there were 250 up counters and 479 down counters with the market total traded volume increased 14.7% at 1.1 BIL shares. The trading volume is above 40 days VMA and it is sufficient to absorb selling pressure. In another word the selling is heavy for certain counters (top volume today loss –31.37% with >200 million shares exchanged)
Today’s FBMKLCI top 5 gaining components (CI gainers) are BAT, PPBABK, PETDAG, PPB and AXIATA. The top 5 lagging components (CI losers) are GENTING, HLFG, DIGI, MAS and MMCCORP.
The primary and secondary indicators
FBMKLCI candlestick stays above the BB10’s mid-band with the BB10 contracted -4% due the index closed flat today. It is still well position above the EMA 14/21/31. This indicates the CI is bullish biased. The RSI is flat but the MACD line continues to hook up, this indicates the index is bullish biased. The STC continues to stay above 80%, this indicates the index still considers as bullish.
Supports and Resistances
Most the indicators indicate FBMKLCI is bullish biased although it traded sideway today. The next possible resistance range for FBMKLCI is 1380 to 1390 whereas the nearest possible supports levels is the BMB(10) and the 23.6% FR 1340. Please refer to the picture below.
