Share prices on Bursa Malaysia ended mixed yesterday. FBM KLCI was very much in a consolidation mode despite the overnight’s gain on Wall Street. The benchmark index rose 1.21 points or 0.1% to 1,272.09 after opening 0.23 point higher at 1,271.11. Decliners outpaced gainers by 367 to 292 while 261 counters were unchanged. Overall volume was lower at 759.806 million shares.
Chart wise, the KLCI formed a small white candlestick, indicating low volatility and consolidation. MACD slides further but still remain in the positive territory, RSI was up slightly, whereas, Stochastic continues its slides southward. The key index has now closed below the 10-days moving average, indicating short term correction and may consolidate further. The medium term 30-days moving average which has been providing good support to the current uptrend may provide support at around 1260 level. Longer term uptrend remained intact.
Today, the FBM KLCI is expected to trade within the range of 1267 to 1277
This week's expected range: 1245 – 1295
Today's expected range: 1267 – 1277
Resistance: 1274, 1277, 1280
Support: 1265, 1267, 1270
Stock to watch: KFIMA
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