FBMKLCI continues to rally into the 6th day and broke out of the ascending wedge with closing high of 1395.02, up +2.46, +0.28%. The CI seems to start a new up trend after it had broke out of the ascending wedge and the MACD was higher than the previous peak to avoid the formation of bearish divergence. The CI components like CIMB, MAYBANK, PLUS, HLFG, HLBANK and TENAGA were rotating to sustain FBMKLCI higher. Although the CI components are supported but there many lower liners, which ran, last few days were under T+3 and T+4 correction
The overall market’s sentiment is considered as slightly bearish biased, as there were 316 up counters and 394 down counters with the market total traded volume decreased -15% 834 MIL shares. The trading volume is slightly above 40 days.
All indicators indicate FBMKLCI is bullish biased. The STC hit 100%, which indicates CI components are over bought now. The RSI is at 76 level and the MACD had crossed the trigger line with rounded bottom histogram formation. The next possible FBMKLCI resistance level is 1400 psychological level whereas the nearest possible supports level is 1370.
FKLI is up by +1.0 point to close at 1390. Its direction is a bit uncertain right now because the CI components were under support rotationally but the overall market is consider as neutral.
FCPO corrects further due to Soya bean and Soya oil were under correction stage.
At the time of writing at 6:00 pm,
Europe bourses are down from -0.3% to -1.5%
Crude oil down –0.28% at $74.22
Soya bean down –0.57 % at $10.065
Soya Oil down –0.44% at $0.403
USD index up +0.39% at 82.86
The mini Dow Jones down -25 points at 10210
3rd month FCPO (Nov) closed at 2544 (-51 points)
