Stocks on Bursa Malaysia traded mixed and were broadly lower yesterday, affected by Wall Street’s performance overnight as the Dow suffered more than hundred points dropped, but the benchmark index was lifted by gains in financial stocks. The FBM KLCI opened 3.03 point lower at 1303.59, but gradually recovered its lost ground to close 1.74 points or 0.13% higher at 1308.36. Losers outpaced gainers by 573 to 203 while 240 counters were unchanged. Turnover dropped further to 1.065 billion shares worth RM1.378 billion.
Chart wise, the FBM KLCI formed a small body white candlestick which indicates a continuation of the uptrend and buying support, as it opened at the lowest point of the day and move upward to close near the highest point of the day. The index continued to stay above the short term 5 and 10-day moving averages. MACD, RSI and Stochastic continued to climb higher, reflecting the continued upward move of the key index. The narrow day range of the FBM KLCI, however, reflected the cautiousness of the market as it comes above the 1300 mark.
With the bullish undertone as reflected by the indicators, 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 1298 to 1315.
This week's expected range: 1275 – 1315
Today’s expected range: 1298 – 1315
Resistance: 1310, 1312, 1315
Support: 1298, 1301, 1305
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