Stocks on Bursa Malaysia traded mixed yesterday with key heavyweight stocks in the consolidation mode, while the second and third liners were actively traded with focus on glove makers, healthcare and hard disk drive makers. The FBM KLCI opened positive, but slipped into the negative territory soon after where it stayed there for the rest of the day, and ended 1.66 point or 0.13% lower at 1292.85. Market breadth was positive with gainers outpaced losers by 483 to 275, while 248 counters were unchanged. Volume rose to 1.68 billion shares worth RM1.777 billion from 1.40 billion shares worth RM1.542 billion the day before.
Chart wise, the FBM KLCI traded in a narrow range of 4.72 points and formed a small body black candlestick which indicates consolidation. The key index has been staying in this level for the last five days, and sideways congestion at high level can be bad as it may also indicate possible distribution. Moreover, out of five candles, three were black candles, which indicate some selling pressure at this level.
MACD turned flat, while its histogram already turned shorter indicating a loss in market momentum. RSI hooked down slightly, and Stochastic is flat. The mixed signals from the indicators reflected the sideways consolidation of the index.
Today, the FBM KLCI is likely to trade within a range of 1286 to 1300.
This week's expected range: 1260 – 1330
Today’s expected range: 1286 – 1300
Resistance: 1296, 1298, 1300
Support: 1286, 1288, 1291
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