Stock prices on Bursa Malaysia were generally firmer at close yesterday, encouraged by the overnight gains on Wall Street. The FBM KLCI opened 3.23 points higher at 1,258.89 on Tuesday and stayed in the positive territory on a narrow range throughout the day. It closed 4.76 points or 0.38% higher at 1260.42. Market breadth was positive with gainers led losers by 335 to 239, while 243 counters were unchanged. Volume was thin at 446 million shares, valued at RM689 million.
The FBM KLCI formed a bullish Harami candlestick pattern yesterday which is a reversal pattern, however, it still requires another candle to confirm the bullish formation. The benchmark index had found support at the 1255 level, and managed to close back above 1260, nevertheless, resistance at 1270 level is still strong. If only the index is able to close above the 1270 level, then it may turn bullish.
MACD at 0.33 continued to slide down, but is still above the zero line. RSI hooked up slightly but is still below 50. Stochastic continued to move southward. The signals from the indicators showed that the benchmark index is currently weak and is in a consolidation mode.
Today, the FBM KLCI is expected to trade within a range of 1255 to 1268.
This week's expected range: 1241 – 1281
Today’s expected range: 1255 – 1268
Resistance: 1263, 1265, 1268
Support: 1255, 1257, 1259
Stock to watch: Cocolnd
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