Finally FBMKLCI cannot beat the bears and closed below the BBMB10 at 1352.91 (-6.80, -0.5%). Luckily the lower trend line supported it at about 1350. Please refer to your Winchart. Right now it had dipped below the Bollinger10 Mid-band and its short-term view is bearish.
The overall market’s sentiment is considered as bearish biased, as there were 207 up counters and 464 down counters with the market total traded volume increased +14% at 769 MIL shares. The trading volume is above 40 days VMA.
All the indicators indicate FBMKLCI is bearish biased today. The nearest possible resistance levels for FBMKLCI is the previous high 1370 whereas the nearest possible supports levels is the lower trend line at about 1350 and the 23.6% FR 1340.
FKLI is bearish – Aggressive players may maintain short position.
CPO has a minor correction today but it rebounded slightly in the afternoon. We expect it will consolidate 1st before the start of the next trend (it can be up or down).
At the time of writing,
Oct FCPO +7.0, closed at 2677
Europe bourses typically dipped –1.5%
Crude oil down –0.76% at $79.64
Soya bean up +0.1% at $10.23
Soya Oil up +0.17% at $0.423 (Consider sideway)
USD index up +0.68% at 81.475 (stronger USD will affect FCPO to rally)
The mini Dow Jones up -107 points
