Stocks on Bursa Malaysia traded mixed yesterday with the focus mainly on second and third liners in the active list, with rubber glove makers still top the gainers list, LATEXX-WA +0.53 @3.45, LATEXX +0.45 @3.92 and IRCB +0.395 @1.34. The FBM KLCI traded in a narrow range of 5.4 points ended 1.5 points or 0.1% higher at 1294.51, the highest close since May 16, 2008. Gainers led losers by 476 to 292, with 222 counters unchanged. Volume increased to 1.4001 billion shares worth RM1.5429 billion.
Chart wise, the FBM KLCI formed a small body white candlestick which indicates low volatility and consolidation. In fact, the index had been trading at this level for the last four days, consolidating its gains after the run up since last Monday, Jan 4. It is bounded on top by the resistance at 1300 and below by the support at 1288.
MACD continued to move higher, while its histogram dropped slightly. RSI at 69.4 continued to climb up is near the short term overbought zone of 70. Stochastic slide down slightly to 84.7 is still in the bullish zone. The mixed signals of the indicators reflected the current consolidation. The underlying trend as indicated by the longer term moving averages is still up.
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 – 1302
Resistance: 1297, 1299, 1302
Support: 1286, 1288, 1291
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