The Dow’s overnight gain of 30 points failed to excite the market. Most regional bourses were in the red yesterday. The FBM KLCI was in the negative territory most of the day, traded in a narrow range of about 2 points. A last minute buying of key index stocks pushes the benchmark index to close marginally higher at 1253.96, +0.12 or 0.01%. However, the FBM ACE index rose 117.82 points or 2.63% to close at 4598.61. Losers led gainers by 377 to 294, with 237 counters traded unchanged. Turnover rose to 1.523 billion shares, the highest in three months with most trading activities focus in lower liners.
The price action of the FBM KLCI formed a small white candle yesterday, indicating a lack of buying interest or consolidation. However, the index is above the short term 10-days simple moving average, with MACD continue to move higher, and so is Stochastic, indicating a positive outlook for the short term. The longer term trend as indicated by the 30, 60 and 120 days moving average remain up.
Today, the FBM KLCI is expected to trade within a range of 1248 to 1260.
This week's expected range: 1200 – 1271
Today's expected range: 1248 – 1260
Resistance: 1255, 1257, 1260
Support: 1245, 1248, 1251
Stock to watch: GHLSYS
No comments:
Post a Comment