Stocks on Bursa Malaysia closed lower yesterday on lack of participation, as most investors were reluctant to take position in the absence of market moving factors and ahead of the long weekend. The FBM KLCI opened lower and turned green briefly, thereafter, it traded in the red for the rest of the day to close 4.10 points or 0.32% lower at 1271.12. Market breadth was positive with gainers led losers by 376 to 280, while 250 counters were unchanged. Volume increased marginally to 586 million shares, valued at RM798 million.
The FBM KLCI pulled back on profit taking after three days of run up, forming a black candlestick which indicates reversal of the short term uptrend. It however, managed to find support at the 1270 level, and the 10 and 30-days moving averages are also giving support from below at 1266 and 1268 level. MACD continued to move higher, and so is Stochastic, but RSI hooked down slightly. The mixed signals indicated a lack of momentum to move forward and, hence, the index might consolidate.
Today, the FBM KLCI is expected to trade within the range of 1266 to 1281.
This week's expected range: 1245 – 1281
Today’s expected range: 1266 – 1281
Resistance: 1275, 1278, 1281
Support: 1266, 1268, 1270
I wish all my clients and readers a Happy and Profitable Year 2010!
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