FBMKLCI continues to rally into the 5th day and broke out of the ascending wedge with closing high of 1392.56, up +7.05, +0.51%. There are a few CI components like TM, CIMB, MAYBANK, PLUS, AMMB, PETDAG and TENAGA rotating to sustain FBMKLCI higher.
The overall market’s sentiment is considered as bullish biased; as there were 407 up counters and 321 down counters with the market total traded volume of 983 MIL shares (down –1.5%). The trading volume is still above 40 days VMA to keep the market warm. The observation of possible bearish divergence between the FBMKLCI and MACD is still vulnerable to take place thus far even though it broke out the ascending wedge resistance line.
All the indicators indicate FBMKLCI is bullish biased. The STC spikes up strongly and hit 100%. It indicates the CI components are over bought. The RSI is at 75 level and the MACD comes had crossed the trigger line with round bottom histogram formation had crossed the zero level. The next possible FBMKLCI resistance level is 1400 psychological level. Whereas the nearest possible supports level is 1370.
FKLI is up by +3.5 points to close at 1389. It also broke the ascending wedge but the candlestick had formed a doji star (evening star), which suggests a likely short-term correction. The observation of possible bearish divergence between the FKLCI and MACD is still vulnerable to take place thus far.
FCPO corrects further and losses –15 points at 2595 today but off its low of 2567.
At the time of writing at 7:30 pm,
Europe bourses rally ranging from +0.2% to +0.6%
Crude oil up +0.4% at $75.72
Soya bean up +0.39 % at $10.3475
Soya Oil up +0.27% at $0.4156
USD index down -0.14% at 82.22
The mini Dow Jones up +45 points at 10397
3rd month FCPO (Nov) closed at 2595 (-15 points)
