Gain on Wall Street last Friday gave a boost to Asian market with all key indices closing in the positive territory. The local FBM KLCI opened the week with a positive gap up of 1.23 point, and moved up firmly with intermittent mild profit taking to close Monday with a gain of 7.35 points or 0.52% at 1278.31, the highest close over the last one year. Banking stocks saw some good gains with CIMB +0.36 @13.28, AFFIN +0.3 @2.64 and BIMB +0.11 @1.37. Gainers led losers by 413 to 282, with 232 counters traded unchanged. Volume traded increase to 1.0744 billion shares.
Technically, the FBM KLCI is moving out from its short term consolidation last week and closed almost near the high of the day, forming a bullish Marubozu candle, which indicates buyers were almost in full control. MACD started to hook up, and so is RSI and Stochastic, indicating a bullish outlook ahead with more upside to come. The underlying uptrend remained strong.
Today, the FBM KLCI is expected to trade within a range of 1269 to 1285
This week's expected range: 1250 – 1299
Today's expected range: 1269 – 1285
Resistance: 1280, 1282, 1285
Support: 1269, 1271, 1275
Stock to watch: UCHITEC
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