Stocks on Bursa Malaysia opened weaker yesterday following the sharp drop of DJIA on last Friday, but soon regained the earlier losses to close of their lows. The FBM KLCI opened 12.33 points lower at 1286.25, and soon regained much of its lost ground, but was trading in the negative territory most of the day. It closed 0.59 point or 0.05% lower at 1297.99. Market breadth was quite even with 396 gainers to 361 losers, while 252 counters were unchanged. Total turnover was lower at 1.247 billion shares valued at RM1.426 billion.
Chart wise, the FBM KLCI is still hovering in its sideways range of 1286 to 1300. Its close is still remained above the short term 10-days moving average, as well as above the longer term moving averages, indicating that the uptrend is intact.
MACD continued to climb higher, and so is Stochastic, but RSI hooked down slightly, reflecting the sideways mode. Nonetheless, they are all in the bullish territory, with no worrying signals yet.
The market is awaiting a certain catalyst to make a firm breakthrough above its 1300 psychological resistance level, and the general market will still likely be dominated by smaller cap counters with rotational play
Today, the FBM KLCI is likely to trade within a range of 1290 to 1305.
This week's expected range: 1275 – 1315
Today’s expected range: 1290 – 1305
Resistance: 1300, 1303, 1305
Support: 1290, 1293, 1295
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