Stocks on Bursa Malaysia were broadly higher yesterday on improved sentiments, buoyed by Wall Street’s overnight gain of 126 points. The FBM KLCI opened with a gap up at 1273.28, the high of the day, and profit-taking activities sent the index down to the low of 1267.88 before closing at 1271.15, gaining 4.44 points or 0.35%. Market breadth was positive throughout the day with gainers led loser by 442 to 218, while 230 counters were traded unchanged. Turnover was at 855 million shares worth RM1.0466 billion.
Chart wise, the FBM KLCI has moved across its short term hurdle at 1271 (as mentioned in yesterday’s analysis), and was back above the 10 and 30 days moving average. MACD starts to turn upward as shown by its histogram. RSI continued to move higher and Stochastic too has just cross above its %D line indicating possible further upside. The recent correction is possibly over with indications give by the various indicators.
Today, the FBM KLCI is expected to trade within the range of 1263 to 1278.
This week's expected range: 1230 – 1281
Today's expected range: 1263 – 1278
Resistance: 1274, 1276, 1278
Support: 1263, 1265, 1268
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