Stock prices on Bursa Malaysia ended broadly higher on the first day of the New Year as players returned to the market after the long year end holiday. The FBM KLCI opened 0.47 point lower and was in the red for a short period in the morning, it then turned positive and stayed there throughout the day and closed with a gain of 2.97 point or 0.23% at 1275.75. Market breadth was positive with gainers led losers by 579 to 159, while 190 counters were unchanged. Volume pickup significantly to 1.13 billion shares worth RM990 million compared with 602 million shares valued at RM842 million last Thursday.
The FBM KLCI closed at the highest point for yesterday forming a bullish continuation candlestick after the formation of a hammer candlestick last Thursday. MACD continued to move higher indicating a gradual pickup in momentum. RSI at 59 is also starting to turn strong, and Stochastic at 88 remained bullish. These market signals indicate follow through in buying which may lead into attempt to challenge higher level of resistance today.
The underlying longer term trend as indicated by the 60 and 120 days moving average remained up.
Today, the FBM KLCI is likely to trade within a range of 1270 to 1281
This week's expected range: 1248 – 1287
Today’s expected range: 1270 – 1281
Resistance: 1277, 1279, 1281
Support: 1270, 1271, 1273
Stock to watch: E&O
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