Another consolidation day for FBMKLCI, it dipped below the BBMB10 but it manages to come back to close at the BBMB10 at 1359.71 (-0.95, -0.07%). The overall market’s sentiment is considered as bearish biased, as there were 255 up counters and 409 down counters with the market total traded volume decreased –3.3% at 675 MIL shares. The trading volume is below 40 days VMA now but it is still considered fine during market consolidation.
Some Tech stocks like Eng and Notion rebounded due to oversold however we still advice you to stay away from this sector. The rubbers stocks are rebounding but only a couple of steel stocks are running. The O&G sector still has no sign of rally soon. The China theme like XINQUAN, XDL, MSPORT, HUAAN, CSCSTEL are surging up. The rest of the sectors are either under correction or consolidation stage.
Most the indicators indicate FBMKLCI is consolidation to bearish biased today. The nearest possible resistance levels for FBMKLCI is the previous high 1370 whereas the nearest possible supports levels is the BBMB10 and the 23.6% FR 1340.
FKLI is bearish – Aggressive players may open short position.
As what I predicted yesterday, FCPO take a rest today. Once the correction is done; it may retest 2730 and even has a chance to break 2800 level.
At the time of writing,
Europe bourses dipped –0.5% to -1%.
Crude oil down -1.17% at $80.54 (-0.94)
Soya bean down -0.68% at $10.28 (-0.275 (-0.075)
Soya Oil down –0.28% at $0.4237 (good reason for FCPO correction)
USD index up +0.3% at 81.03 (stronger USD that will stop commodities to rally)
The mini Dow Jones down -72 points
