Stocks on Bursa Malaysia closed mixed yesterday tracking the losses on Wall Street overnight. The benchmark FBM KLCI, however, stayed in the positive territory throughout the day with gains on heavyweights like CIMB, BAT and DIGI help lift the index. The benchmark index opened with a gap up of 1.87 points and rose to an intra-day high of 1273.30 before profit-taking trimmed gains to close the day with 4.35 points or 0.34% higher at 1270.78. Losers led gainers by 350 to 303 while 264 counters were unchanged. Volume traded remained low at 650 million shares worth RM1.168 billion.
The FBM KLCI continued its short term uptrend from the rebound to move higher lifted by strong gains in selected blue-chips. The short term trend is now up as indicated by the 5 and 10-day moving averages (MA) that is pointing northeast. The medium term trend has turned sideway while the long term trend is still up.
MACD continued to move higher indicating the gradual gain in market momentum. RSI(14) at 53.9 is moving out of the neutral zone and is gradually turning bullish. Stochastic at 95 has entered the short term overbought zone indicating the index has turned strong for the short term.
The index, however, is met with strong resistance posted by the 30-day MA at the 1273 area. If it can overcome this resistance, it might move higher to re-test the 1280 and 1300 levels.
Today, the FBM KLCI is likely to trade within a range of 1263 to 1278.
This week's expected range: 1240 – 1276
Today’s expected range: 1263 – 1278
Resistance: 1273, 1275, 1278
Support: 1263, 1266, 1268
No comments:
Post a Comment