Stocks on Bursa Malaysia climb higher for the third consecutive days yesterday despite profit taking activities. The rise in major regional bourses and bullish outlook for global economy help boost the buying momentum, buying of selected key heavyweights in the afternoon session pushed the FBM KLCI to close higher at 1293.17, rising 4.93 points or 0.38%. Gainers outpaced losers by 452 to 299 with 239 counters unchanged. Volume traded remained strong at 1.656 billion shares worth RM1.813 billion.
Chart wise, the FBM KLCI had made a confirmed breakout from its recent consolidation and resumed its uptrend, which is confirmed by the crossing of the 10-days short term moving average above the medium term 30-days moving average. The benchmark index hit an intra-day high of 1296.44 before pulling back to close at 1293.17, and is now above the high of 1288.42 registered on 17 Nov 2009. MACD continued to move higher, indicating the increase in upward momentum. RSI at 69.68 is bullish, and Stochastic at 94 continued to stay in the bullish zone.
With the bullishness and active volume, the FBM KLCI may continue to move higher to test the psychological resistance at 1300.
Today, the FBM KLCI is likely to trade within a range of 1285 to 1305
This week's expected range: 1248 – 1300
Today’s expected range: 1285 – 1305
Resistance: 1297, 1301, 1305
Support: 1285, 1288, 1290
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