FBMKLCI continues to power into the 8th day lead by GENTING, AXIATA, MISC, and IOICORP and TANJONG. Although the CI was pushed up last minute at 1405.77 (+2.62, +0.19%) and sustains above1400 psychological but there are many stocks were under correction today. The profit taking is considered heavy on the lower liners and we need to watch out for the market to crash any time from now.
The overall market’s sentiment is considered as bearish biased, as there were 206 up counters and 585 down counters with the market total traded volume increased +11% 894 MIL shares. The trading volume is above the 40 days VMA but out of the top 10 volume counters, only AXIATA is green. The rest are RED, so it means that the correction is heavy on the 2nd and 3rd liners.
All the indicators indicate FBMKLCI is bullish biased. The STC still at 100%, which indicates CI components are over bought now. The RSI is at 79 and the MACD is hooking up, this indicates the CI is bullish biased. The next possible FBMKLCI resistance level is 1414, the larger ascending wedge’s upper trend line. Whereas the nearest possible supports level is 1350.
FKLI is down by -2.0 points to close at 1399. It is still bullish but be careful. If you wish to know long or short, please join as VK members. You may contact anyone of us to find out more details.
FCPO – Support level 2533 was broken, it is very bearish now. If you wish to know long or short, please join as VK members. You may contact anyone of us to find out more details.
