Stocks on Bursa Malaysia traded mixed yesterday while the FBM KLCI marched higher to continue its uptrend, amidst a weaker regional market. Sentiment of the local market was boosted by the good earnings result of Public Bank on top of the strong overnight gains of the DJIA. The FBM KLCI opened higher on Thursday and traded in the positive territory throughout the day, it ended 6.27 points or 0.48% higher at 1306.62, breaching the 1305 level registered on April 29, 2008. Market breadth was negative with losers outpaced gainers by 467 to 333 while 249 counters were unchanged. Volume traded was higher at 1.339 billion shares worth RM1.806 billion.
Chart wise, the FBM KLCI formed a bullish white candlestick which indicates continuation of the uptrend. The key index breakthrough the 1305 resistance level with a bit of struggle as it move up and down the level a number of times during the day, the Bull, however, managed to bring it above the 1305 resistance level at the close.
MACD continued to move higher, indicating a gradual pickup in momentum. RSI(14) at 73 is turning very bullish and has stepped into the short term overbought zone. Stochastic at 94.6 continued to stay in the bullish or so called overbought zone. The underlying trend as indicated by the short, medium and long term moving averages continued to be up. With the bullish undertone, the benchmark FBM KLCI is expected to continue moving higher to challenge resistances at higher levels.
Today, the FBM KLCI is likely to trade within a range of 1296 to 1315.
This week's expected range: 1275 – 1315
Today’s expected range: 1296 – 1315
Resistance: 1309, 1312, 1315
Support: 1296, 1298, 1302
Stock to watch: PROTON
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