Shares on Bursa Malaysia traded generally lower yesterday in the absence of fresh leads. FBM KLCI opened the week on a weak note and traded in the negative territory for most part of the day, the key index shed 3.48 points or -0.27% to close at 1270.88. Decliners led gainers by 428 to 234, with 252 counters traded unchanged. Turnover was lower at 808 million shares.
As expected, KLCI continues its slide southward. The benchmark index was trading in a narrow range of 3.9 points for most part of the day, forming a small body candlestick, which indicates mild selling pressure and consolidation. It, however, has closed below the short term 10-days moving average, indicating short term downtrend. Other indicators also supported this, with MACD, RSI and Stochastic continue to slide southward. The 30-days moving average may provide strong support to the current market correction at 1260 level, as this moving average has been providing good support to the current uptrend since April this year.
Today, the FBM KLCI is expected to trade within the range of 1263 to 1279
This week's expected range: 1245 – 1295
Today's expected range: 1263 – 1279
Resistance: 1273, 1276, 1278
Support: 1263, 1265, 1268
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